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Charles Stanley buys Evercore Pan Asset

Acquisition features cash consideration and payments based on future performance.

Charles Stanley Group has acquired Evercore Pan Asset for an undisclosed cash sum.

The acquisition also features the possibility of future payments based on Pan Asset’s future performance over the next 12 to 18 months.

Pan Asset currently has around £593m assets under management across predominantly passive investments and was founded in 2007 by John Redwood and Christopher Aldous.

The deal will see Pan Asset integrated with Charles Stanley’s funds division. Charles Stanley says it will reduce costs through reducing the duplication of system costs and use of its sales and distribution network.

The deal is subject to FCA approval.

Charles Stanley Group director Mile Lilwall says: “The acquisition of Pan Asset will complement the company’s existing distribution channels by broadening Charles Stanley’s expertise and product offering into the area of passives and in particular we foresee opportunities to enhance our offering to the financial adviser marketplace.”

Lilwall adds the combination of Pan Asset’s and Charles Stanley’s services will enable the business to launch a range of Sipp, Isa and traditional investment products.

Bloomsbury Financial Planning partner Jason Butler says: “It sounds like this is a good deal for both the firms concerned but the real question is how it will impact customers and whether current Pan Asset clients will continue to get the service they signed up for.”


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