Six investment managers from Ashcourt Rowan’s subsidiary Savoy Investment Management are to join Walker Crips Stockbrokers in a £425,000 deal.
Ashcourt Rowan has waived and released the six managers from notice and restrictive covenants and agreed to facilitate the early move of all clients wanting to follow the mangers.
Ashcourt Rowan will receive £425,000 while Walker Crips has agreed to reimburse third party costs associated with the transaction up to a maximum of £120,000.
Last year, Ashcourt Rowan announced Savoy Investment Management was to merge into Ashcourt Rowan Asset Management, whilst retaining its branding, to become a high net-worth division for clients.
Ashcourt Rowan group chief executive Jonathan Polin (pictured) says: “The Walker Crips stockbroking model is better suited to the way these managers manage portfolios and their relationship with clients, which is different to our new integrated wealth management business, investment process and operating model.”
Walker Crips chief executive Rodney Fitzgerald says: “We welcome this group of like-minded investment managers to the team at Walker Crips and look forward to welcoming their clients into our organisation without a disruption to their service.”