The deal is expected to complete early next year, but is still subject to FSA approval. It brings Ashcourt Rowan an addition 17 offices across the UK. Ashcourt Rowan said the deal also bought a valuable corporate pensions and benefits business.
UKWM has assets under management of £1.3bn, of which £0.3bn is managed on a discretionary basis. It also has annual revenues of £8.8m. The deal will bring Ashcourt Rowan's total assets under management to £5bn of which £1.9bn will be discretionary.
Ashcourt Rowan said the implementation costs would be £2m, but this would be offset with around £2.25bn of cost-savings.
The acquisition will be funded by the placing 8.25m of Ashcourt Rowan shares at 185p, designed to raise €15.3m.
Jonathan Polin, Ashcourt Rowan group chief executive, said the deal was 'transformative' for the group, and an important step on its journey to becoming a leading UK wealth manager. He said that the deal was particularly important for the delivery of solutions to the corporate SME market.
Ashcourt Rowan shares were up 2.5p to 192p on the day. They are 28% higher than a year ago.
