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Ashcourt Rowan linked with Co-op bid

Wealth management firm Ashcourt Rowan is understood to be circling Co-operative Financial Services’ IFA arm.

Money Marketing revealed earlier this month that the Co-op is in exclusive talks for a potential buyer for Cifa.

Ashcourt Rowan was launched in January by Syndicate Asset Management. The firm was created out of the merger of Syndicate subsidiaries Ashcourt Asset Management, Ashcourt Financial Planning and Rowan and Company Capital Management.

It is led by former Lloyds TSB Private Banking chief executive Mark Cheshire and offers investment management, financial planning services and admin services for member-directed pension schemes. Ashcourt Rowan set up an executive committee in March headed by Cheshire which was thought to be looking at growth plans.

A spokesman for the Co-op says: “We are not in a position to discuss who we are talking to. We have been in talks with a number of parties during this process and those discussions are ongoing.”

Ashcourt Rowan declined to comment.

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Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Mark Harrington 22nd August 2010 at 3:42 pm

    Yes I would like to comment on this. There is something very wrong here and this story merits greater coverage than being hidden away on a website.
    I am a Co-op Bank client and recently contacted my adviser for some further advice. He told me the company was being sold but couldn’t tell me who to. After some searches, I came across your news item and the ‘no comment’ above suggests it is these people. I have two concerns about this.
    Firstly, the Co-op have given my adviser a script to read to clients which states the buyers have the same ethics as the Co-op Bank. Having studied their website they clearly fall some way short, so this appears to be a desperate attempt to keep hold of clients. Secondly, how dare the so-called ethical Co-op Bank sell their clients without our permission. Is a Mutual Company able to do this?
    The Co-op have lost all credibility here, so I have decided to find myself another IFA. Perhaps my Co-op adviser should do the same!

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