Ardevora UK Income fund merged with R&M mandate
£6m assets added
The River and Mercantile UK Equity Income fund has taken on the £6m ES Ardevora UK Income fund, following the approval of investors at the end of March.
The £6m Ardevora fund was previously run by Jeremy Lang and William Pattisson. However, due to a lack of new investment the trustees believed the cost of the fund would have a disproportionate impact on performance.
While still small, R&M UK Equity Income has already seen its AUM increase by 18.2% from £121m at end 2020 to £143m at the end of April 2021, according to FE fundinfo.
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Fund buyers expect Saracen Fund Managers revival after Assetco purchase
Martin Gilbert-backed business will buy the Edinburgh-based asset manager in £2.75m deal
Assetco’s acquisition of Saracen Fund Managers should help the ailing fund group realise its growth potential, given asset management dealmaker Martin Gilbert’s involvement, according to fund buyers.
On Friday, Assetco, the former fire-engine leasing business chaired by Gilbert (pictured), announced it was buying Saracen in a deal worth £2.75m.
The purchase, conditional to FCA approval, is expected to occur by the end of September and will result in the issue of 166,904 new ordinary shares of 10p each in the company and £664,774 in cash to be paid on completion.