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AssetCo, the asset and wealth manager, has announced that following the deal struck in May to acquire the entire issued share capital of Saracen Fund Managers for £2.75 million, the acquisition was completed earlier today.
On 14 May 2021, the company announced it had agreed to purchase the entire issued share capital of Saracen Fund Managers ltd for an effective total consideration of £2.75 million.
The consideration was to be carried out by the issuance of 166,904 new ordinary shares of 10p each, fully paid, and £664,774 in cash.
Peter McKellar, deputy chairman and CEO of AssetCo, commented: The completion of the acquisition of Saracen Fund Managers is part of AssetCo's overall strategy of investing in, building and managing asset and wealth management businesses. Saracen is a small fund management firm with great potential. Our aim is to grow the business through marketing its existing funds and, over time, broadening its product range to meet the evolving needs of investors.