Ashcourt Rowan to expand Leeds operations after closing UKWM deal

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ASHCOURT Rowan plans to create new financial services jobs in Yorkshire after completing the £14m acquisition of Leeds-based UK Wealth Management, writes Bernard Ginns.

The listed wealth manager announced yesterday it had secured regulatory approval from the Financial Conduct Authority.

The combined business has 17 offices, 400 staff and assets of £5.2bn, including £2.2bn under discretionary management.

Jonathan Polin, chief executive, told The Yorkshire Post that he is looking for new premises in Leeds “to significantly increase headcount”.

He added: “We see there is a real opportunity for us, while putting the two businesses together, to gain from the skill base in Leeds and the availability of employees in Leeds compared to the South.”

Mr Polin said the acquisition of UK Wealth Management from Duke Street gives Ashcourt Rowan a foothold in the corporate pensions market, which he sees as a key growth area following changes to pensions announced in the Budget.

The Leeds office of UK Wealth Management has between 35-40 members of staff. Mr Polin said he is looking for a new office for 100 people.

He expects the group to make more acquisitions in the future and hopes to double assets under management to £10bn to give the business greater scale.