Charles Stanley acquires ETF specialist Evercore Pan Asset

Nov 27th, 2013 | By | Category: ETF and Index News

Charles Stanley, the UK-based stockbroker and investment manager, has agreed to acquire the entire issued share capital of Evercore Pan Asset, the specialist ETF portfolio manager co-founded by Conservative MP, John Redwood.

Charles Stanley acquires ETF specialist Evercore Pan Asset

John Redwood, Co-founder and Chairman of the Investment Committee at Evercore Pan Asset.

The terms of the deal have not been disclosed.

Founded in 2007, Pan Asset offers asset allocation advice across an extensive range of global asset classes and specialises in the use of index-tracking investments, particularly ETFs. Its clients include pension funds, charities, universities and family wealth.

As of 31 October 2013, Pan Asset had assets under management of £593 million across directly managed client portfolios, model portfolios on wrap platforms and two open ended UCIT investment funds.

Speaking about the acquisition, Mike Lilwall, Director of Charles Stanley Group PLC, commented: “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 increasing offering to the Financial Adviser market-place.”

He added: “Further opportunities include the provision of cost-effective pension products by combining the Pan Asset active management process with Charles Stanley and Charles Stanley Direct’s services. This includes a full range of SIPP and ISA wrappers together with traditional investment accounts. We also anticipate that Pan Asset’s strong asset allocation skills will further improve our asset allocation models and we welcome the team to Charles Stanley.”

Pan Asset will be integrated within Charles Stanley’s funds division where it is anticipated a degree of cost saving will be achieved by the elimination of duplicated systems costs and utilising Charles Stanley’s sales and distribution network.

Pan Asset has been operating near break-even and these actions are expected to make Pan Asset immediately profitable and leverage its considerable operational gearing.

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