Martin Gilbert’s buyout vehicle Assetco is looking to buy Europe-based exchange-traded fund (ETF) provider Rize, according to reports.
The deal will be for a majority stake in the investment business, according to Sky News.
The report stated that the firm plans to raise approximately £25m of new equity from investors which will be partly used to finance the Rize ETF acquisition.
Both firms were contacted. Rize ETF did not comment in time for publication while Assetco declined to comment.
Company formation
In January 2021, Assetco was transformed from a fire engine leasing business into a corporate vehicle for dealmaking in asset management and financial services.
It has been backed by Gilbert (pictured), ex-chief executive of Aberdeen Asset Management, and a group of investors, including former Aberdeen Standard Investments global head of private markets Peter McKellar and Toscafund Asset Management.
The firm has already bought Edinburgh-based investment boutique Saracen Fund Managers and a 30% stake in IFA platform Parmenion.
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