ASSETCO HAS ACQUIRED SCOTTISH FUND FIRM

AssetCo has purchased Edinburgh-based SVM Asset Management for £10.7m. The deal is subject to approval by the FCA, which is expected to be received by the end of September 2022.

Colin Mclean, managing director and Margaret Lawson, investment director founded SVM Management, an independent, FCA regulated fund management business in 1990. Colin Mclean will become a director of AssetCo’s Scottish business, whilst Margaret Lawson, will continue to manage her UK equity portfolios. Finance director of SVM Garry Fyfe and non-executive director Jonathan Hewitt will also join the AssetCo board. In total SVM’s existing 21 employees will continue to be employed by SVM.

Colin McLean said: “When I set up SVM our aim was to leverage quality research and strong fundamentals to underpin our independent thinking and deliver great investor value. I believe that our performance over the years demonstrates that we have been able to achieve this. I am pleased that with the backing of AssetCo we will be able to continue to build our focus on, and relationships with, existing clients, creating greater value for them, whilst also broadening our client base and growing assets.”

AssetCo continues to grow its presence in Scotland after acquiring Saracen Fund Managers in 2021 and Revera Asset Management earlier this year. Together the three businesses run over £800m in assets.

Martin Gilbert said: “We are immensely proud to be building an asset management hub in Edinburgh that, over time, will broaden its client base across the UK and beyond. SVM is a well-regarded fund management firm, with a recognised investment style and a very strong investment track record. Its business model, people and product offering are its key assets, and it is core to AssetCo’s ambitions.”

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