St James's Place buys Rowan Dartington for up to £34m

St James's Place (SJP) has agreed a deal to acquire discretionary investment manager and stockbroker Rowan Dartington Holdings in a deal worth up to £34m.

The agreement is for an initial £19m with a further maximum potential future consideration of £15.2m. The vertically-integrated business said the deal will be financed by a new £250m credit facility agreed with a number of banks. It said 25-year-old Bristol-based Rowan Dartington's discretionary expertise - as well as its advisory services, direct equity, trust and charity portfolio management propositions - will add to SJP's suite of services. "St. James's Place has been looking at providing a discretionary fund management (DFM) service for some time and the acquisition of Rowan D...