ASSETCO, the fast-growing wealth management company chaired by Martin Gilbert, has completed the purchase of Revera Asset Management – at a reduced price.

The deal is the latest in a flurry of acquisitions to be sealed by AssetCo as it has built its presence in the asset and wealth management sector in the last 18 months. Firms in Scotland have been a particular target.

Revera joins several Edinburgh-based firms in the AssetCo stable, following deals for Saracen Fund Managers and SVM Asset Management, which was acquired for £10.7 million in June. AssetCo also recently acquired River and Mercantile.

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Mr Gilbert, who co-founded Aberdeen Asset Management and led it to its £11 billion merger with Standard Life in 2017, joined AssetCo in January 2021.

Revera’s two funds, SVS Revera UK Dynamic Fund, and the Skye Trust, have around £50m of assets under administration in total. Assets recently declined “resulting from a change in a client’s circumstances outside its control”, which reduced the value of acquisition to £1.1m from £2.8m.

AssetCo chief Campbell Fleming said the Revera deal was “part of our plan to establish an active equity platform offering a range of investment styles and strategies alongside our recently acquired River & Mercantile capabilities to cater for investors’ evolving needs.

"We are confident that the addition of Revera further strengthens our presence in Scotland. We look forward to working with the team and their clients across the UK.”