Leading businessman Martin Gilbert has struck another acquisition deal for his new venture.
The Times reports that AssetCo, the veteran City fund management chief's acquisition vehicle, has agreed a £2.8million deal for Revera Asset Management, which manages about £118million of money across two funds.
Boutique Scottish fund manager Revera is the fifth asset management businesses that AssetCo - of which Mr Gilbert owns around 9% - has acquired in the past year.
Revera, founded in 2003, is based in Edinburgh and made a profit of more than £63,000 in 2020 on turnover of about £782,000.
Mr Gilbert was previously chief executive of Aberdeen Asset Management, which was merged with Standard Life in 2017 to become the recently-renamed abrdn.