Martin Gilbert’s AssetCo has continued its buying spree by purchasing a majority stake in a provider of exchange-traded funds.
It is paying £16.5 million to take a 63 per cent holding in the London-based Rize ETF and will provide the firm with a further £5.25 million to fund its growth. AssetCo is placing new shares at £14.50 each to raise aboug £25 million to fund the transaction.
J&E Davy, the wealth manager and stockbroker, is selling its stake in Rize, with the remainder understood to be held by management and employees at the firm.
The London-listed AssetCo appointed Gilbert, 66, the City veteran who built Aberdeen Asset Management, in March to help it to pursue acquisitions. In May it agreed a £2.75 million agreement to
