Asset and wealth manager AssetCo is set to acquire fund manager River and Mercantile Group (RMG).

The deal began in January when the directors of both firms agreed on the terms and conditions of the acquisition, which included the entire issued and to be issued share capital of RMG to be bought by AssetCo.

In March, the circular relating to the acquisition and the return of capital were made available to RMG shareholders.

RMG then announced last month that the resolutions proposed at a court meeting were passed in a shareholder vote.

AssetCo followed by announcing the resolutions proposed at the AssetCo general meeting were passed by a majority of its shareholders.

The deal received FCA approval this month, meaning it can now go ahead.

Alex Hoctor-Duncan, chief executive of RMG, said: “Now we have secured the green light from the FCA we can look forward to the next stage of our journey as an integrated part of AssetCo, with a strong balance sheet that we will invest in people, technology and making the business a compelling place to work.”

RMG will announce an expected timetable for the completion of the B Share Scheme and the acquisition in due course.

Fund manager Premier Milton also showed interest in acquiring RMG before withdrawing its bid in January.