The deal with Duke Street was first announced in December, for a purchase price of £14.25m. The acquisition builds on Ashcourt Rowan's first purchase of Generali Portfolio Management (UK), announced in January with further consolidation to be expected.
Ashcourt Rowan group chief executive Jonathan Polin said the deal better positions the group to take advantage of the new relaxed pension rules, with ambitions to grow its market share in the personal and workplace pension markets.
Continued service
Polin said he was "particularly pleased" to welcome Gareth Sawyer to the group, as head of corporate solutions. He will work alongside Gaius Jones and Harry Burnham in their roles as heads of financial planning and asset management businesses.
The group will continue to offer its services to individuals, families, business owners and employers including financial planning, discretionary fund management and employee benefits and corporate financial planning. Of the £5bn, just less than half, £2.2bn are discretionary and managed assets.
Polin added: "The acquisition gives us scale across our areas of operations, particularly in financial planning and pensions at a time when the spotlight is firmly on the choices individuals have to make and reinforced by the latest Budget announcement.
"This is our second acquisition in 12 months and together with the operational changes we have made to our business, we are well-positioned to take further advantage of the growth and consolidation opportunities that are in the sector."
