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RNS Number : 9531C

Ashcourt Rowan PLC

23 April 2013

Ashcourt Rowan sells personal pensions administration business to Mattioli Woods for up to GBP1.325 million

London, 23 April 2013: Ashcourt Rowan has agreed to sell its pension trustee companies, Ashcourt Pension Trustees Limited and Robinson Gear Management Services Limited, and the trade and certain assets of its pension administration business, Ashcourt Rowan Administration Limited, to Mattioli Woods plc for a total consideration of up to GBP1.325 million. This comprises an initial consideration of GBP700,000 with further deferred payments of up to GBP625,000 payable subject to certain revenue and client retention targets being met during the five years following completion.

SIPP and SSAS clients will continue to receive portfolio management and financial planning services from Ashcourt Rowan Asset Management and Ashcourt Rowan Financial Planning. However, the administration of their pensions will be transferred to Mattioli Woods' pension administration and trustee services arm, City Trustees.

Jonathan Polin, Group Chief Executive of Ashcourt Rowan, commented:

"As Ashcourt Rowan continues to make significant strides across its business units it is important as a management team we focus on our core. The administration of SIPP and SSAS schemes is not core to our business. We have found a strategic partner with the expertise, scale and systems to give the very best service to our clients. Mattioli Woods is an organisation that is aligned with our values and has the same view of the broader wealth management market as we do. I look forward to working with the team over the coming years and ensuring a smooth transition for our clients."

   -    ENDS  -

For further information please contact:

 
 Maitland                               Ashcourt Rowan 
  Andrea Coleman/ Daniel Yea             Emily Morris, group head of 
  Tel: 020 7379 5151                     marketing 
  Email: ashcourtrowan@maitland.co.uk    Tel: 020 7871 7250 
                                         Email: emilymorris@ashcourtrowan.com 
 Canaccord Genuity Limited 
  Martin Green/Bruce Garrow 
  Tel: 020 7523 8350

About Ashcourt Rowan Plc

Ashcourt Rowan is an AIM-listed wealth management business that specialises in financial planning and investment management for individuals and organisations. With a team of over 100 professionally qualified financial advisers and investment managers working from 12 offices, the group is one of the biggest and best resourced wealth management businesses in the UK. Further information on Ashcourt Rowan can be found at www.ashcourtrowan.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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