AssetCo eyes takeover of Somerset Capital Management funds
investmentweek.co.ukMartin Gilbert (pictured) is executive chair of AssetCo.
The boutique, co-founded by former cabinet minister Jacob Rees-Mogg, revealed last week it had started winding down, after its biggest client St James's Place severed ties from the firm, leading assets under management to drop by around two thirds.
Investment Week understands AssetCo is among a number of companies interested in taking over the business, especially two of its funds. The potential move was first reported by Sky News.
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It is not clear who the other interested parties are and whether they would be interested in acquiring the business as a whole or only parts of it.
AssetCo and Somerset Capital declined to comment.
So far this year, AssetCo has acquired Indian boutique Ocean Dial Asset Management, offloaded its stake in River Global's — formerly River and Mercantile — infrastructure business and sold Rize ETF to Cathie Wood's Ark Invest.
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