Shareholders of Martin Gilbert’s investment firm AssetCo have voted overwhelmingly in support of the group’s takeover of fund manager River & Mercantile.
On January 25, AssetCo said it agreed an all-share deal worth £99.8 million to buy River & Mercantile Group (RMG).
RMG shareholders will own 41.6% of the combined group after the deal.
AssetCo said on January 25 it “is currently intended” that RMG, together with AssetCo’s Edinburgh-based active equities asset manager Saracen Fund Managers, will form the foundation for AssetCo’s active equities business.
AssetCo chairman Gilbert said: “The overwhelming support we have received from AssetCo shareholders for our proposed acquisition of River and Mercantile is an important step in our journey.
“We are looking forward to completing the acquisition, subject to regulatory approval, and welcoming the highly regarded R&M team and their clients to AssetCo.
“Twelve months ago, almost to the day, we received shareholder approval to implement a strategy to develop AssetCo into an asset and wealth manager.
“We have already made significant progress through establishing interests in an active equity manager, a thematic ETF provider and a wealth management platform.
“River and Mercantile will now become our core equity offering and its infrastructure capability will be the cornerstone of our private markets business.
“The board and I are grateful for all the support we have received from stakeholders throughout the last 12 months.
“We are focused on building and growing an agile 21st century asset and wealth management business that meets the needs of today’s investors.”