AssetCo sells loss-making Rize ETF to Cathie Wood's ARK Invest

River and Mercantile to launch ETFs

Martin Gilbert’s AssetCo has sold its 70% equity stake in Rize ETF to Cathie Wood’s ARK Invest, effective immediately.

The deal sees AssetCo receive an up-front payment of £2.625m, a deferred payment of the same amount and an earn out provision, capped at £5.25m, which will operate over five years and is subject to a conditional minimum amount. The figure is a substantial climbdown for AssetCo, which acquired its stake in the ETF house for £16.5m just two years ago, along with a commitment to invest a further £5.25m in the business. FCA approves AssetCo acquisition of Ocean Dial AM ARK Invest will rename the thematic ETF provider ARK Invest Europe, which will serve as a "hub" for ARK's expansion in...