AssetCo has doubled its stake in financial services firm River & Mercantile (R&M), as it looks to pivot its business strategy to develop an asset and wealth management business.
The firm said it had purchased 2.5 million shares in R&M last Friday (5 February) at 228p, taking its total stake in the business to 5 million shares, representing 5.85% of its issues share capital. Its initial investment into R&M in January came alongside the news that former Aberdeen Asset Management co-founder Martin Gilbert had spearheaded a consortium of investors taking a near-30% stake in AssetCo. Martin Gilbert appointed as River and Mercantile deputy chair At the time, AssetCo said it would change its strategy to look to pursue strategic investment opportunities in the fin...
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