Charles Stanley to acquire Redwood's Evercore Pan Asset

Charles Stanley has agreed a deal to buy Evercore Pan Asset Capital Management, the passive portfolio specialist co-founded by John Redwood MP.

The deal will see Charles Stanley acquire the entire share capital of Evercore Pan Asset, buying the founders' stakes as well as the 68% shareholding owned by US-based Evercore Partners, the boutique investment firm. Charles Stanley will pay an initial, undisclosed fee for the business, before making further payments based on Evercore Pan Asset's overall performance over the next 12-18 months. Both Redwood (pictured) - who is chairman of the group's investment committee - and chief executive Christopher Aldous will move over to Charles Stanley following the takeover. The wealth man...