Revera AM takes 60% reduction as AssetCo deal completes

£1.1m total consideration

AssetCo has completed its acquisition of Revera Asset Management in an updated deal that sees the Martin Gilbert-chaired group pay less than half of the original agreement.

The initial agreement published on 28 February had AssetCo agree to pay a total consideration of £2.8m for the Edinburgh-based boutique, with £1.9m in cash and the rest satisfied by share purchases of 54,639 ordinary shares at a price of 10 pence per share. However, in the intervening months Revera notified AssetCo that it would suffer a decline in assets under management due to a "change in a client's circumstances outside its control". As a result, total AUM across its SVS Revera UK Dynamic fund and Skye trust more than halved, from approximately £118m to just £50m. Ass...