Martin Gilbert’s AssetCo has released results for the year ending 31 September 2021 and it shows the speed at which this AIM-listed company has come from nowhere to being a significant player in asset and wealth management.
During the year, the firm said it developed a new strategy of building and operating an asset and wealth management business, going from zero to £9.6 billion in AUM during the time.
The firm has equity stakes in four businesses - River and Mercantile, Saracen Fund Managers, Rize ETF and Parmenion.
AssetCo has also improved its capital position from £32.3 million to £56.1 million plus a tender offer returns £27 million to shareholders.
The company has seen its pre-tax profits rise almost five fold in the space of a year, going from £3.4 million in 2020, to £16.1 million last year.
During the 12-month reporting period the share price more than quadrupled to close at £17.00 per share, from 2020’s £4.11 per share.
Campbell Fleming, chief executive of AssetCo, said: "I am immensely proud of the progress AssetCo has made over the past year. Thanks to the hard work of our Chairman and Deputy Chairman, Martin Gilbert and Peter McKellar, and the rest of the team, AssetCo has been transformed into an agile asset and wealth management business, not burdened by legacy issues, constraints or complexities.
"The asset and wealth management industry is going through a period of significant change including technological advances, evolving investor needs and habits. To address these structural shifts the businesses we have invested in encompass four key areas - active management in both public and private markets, high growth thematic investing, ESG and digital solutions. Saracen Fund Managers, Rize ETF and Parmenion are well placed to take advantage of the changing landscape to meet client needs.
"The potential acquisition of River and Mercantile, subject to shareholder and regulatory approval, will augment our strategy and will become a core part of our equity platform and the cornerstone of our private markets offering as well as increasing our AuM to over £12 billion.
"I am confident that AssetCo has established the foundations to continue to grow organically and through selective acquisitions and most importantly to deliver for investors."
