In one of the biggest IFA deals for some time, Bristol based Rowan Dartington has decided to go under the wing of the much bigger and FTSE100 quoted St James’s Place in a deal which could be worth up to £34m.
Rowan Dartington, which employs 100 people across ten offices and has over £1bn of assets, will get £19m initially and then, depending on performance, anywhere up to £15.2m.
The deal was announced in a low-key manner and formed part of St James’s Place interim announcement to the London Stock Exchange. In a short statement issued by Rowan Dartington, Executive Chairman Graham Coxell was upbeat: “We are incredibly excited about the future. We feel this opportunity represents the best possible ‘next chapter’ in RD’s growth and development, and is complementary to the already extremely successful and broad proposition of the SJP group.
“This opportunity will not only provide a strong platform for St. James’s Place to provide discretionary fund management services to high net worth clients, it will also enable Rowan Dartington to continue to develop and support the propositions and services to our existing and new private clients, as well as the broader UK financial adviser market.”
The deal is subject to regulatory approval.