As well as a deferred payment of £2.625m and an earn out provision, capped at £5.25m, which will operate over five years and is subject to a minimum, itself dependent upon certain conditions.

Rize ETF, which was founded in 2019, will be renamed Ark Invest Europe as part of the transaction, and will be positioned as a separate arm of Ark Invest.

The firm’s purchase from UK asset management firm AssetCo, which first bought a 70% stake in the company in 2021, marks the start of Ark’s bid to expand into Europe and the UK.

It will add approximately $452m (£365.8m, €422m) in assets under management to Ark’s $25bn (£20.2bn).

AssetCo will partner with Ark and the new Invest Europe platform to launch several ETFs for River & Mercantile – the active equity management subsidiary of AssetCo.

All 11 Rize ETFs will remain available to investors, according to Ark.

Cathie Wood, CEO, CIO and founder of Ark Invest, said: “Today’s acquisition advances Ark Invest’s commitment to offer high-quality thematic investment solutions to a global investor audience, particularly European investors who have not been able to access our products.

“We believe that the European ETF market presents a strong growth opportunity as new and younger investors continue to gain access to ETFs via the growth of digital platforms, and as active ETFs increase market share by meeting the demand for innovative investment exposures.

“We are delighted to welcome the talented Rize ETF team into the Ark family. By merging its passion for thematic and sustainable index investing with Ark’s innovative actively managed approach centred on disruptive innovation, we can offer our clients a more diverse array of investment options to invest in the future.”

Co-founder Forbes said: “The acquisition offers Ark an entry into the European ETF market, capitalising on our expertise and track record in building multiple European ETF businesses.

“Leveraging Ark’s global network and our expertise in European distribution, we aim to strengthen our collective global presence. This initiative signifies not just business growth, but a collaborative exchange of global asset management best practices, insights, and tactics.”

Dublin-domiciled Rize ETF was first founded by Anthony Martin, Jason Kennard, Rahul Bushan and Stuart Forbes in 2019. The group has previously founded ETF Securities and sold it to WisdomTree, and built the European ETF business for Legal & General.

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Campbell Fleming, chief executive of the wealth and asset consolidator, will step down at the end of June, the firm has announced.

Fleming departs for personal reasons, having overseen the formation of the company, including numerous acquisitions, during his 20 months in the role.

In an announcement on the London Stock Exchange, the company said it does not plan to replace Fleming directly; instead, chairman Martin Gilbert and Gary Marshall, chief finance and operations officer, will assume his principal responsibilities.

Gilbert will be responsible for the overall strategic direction of the group, as executive chairman, while Marshall oversees day-to-day operations.

AssetCo confirmed that Alex Hoctor-Duncan, who leads the River and Mercantile brand, is already taking on additional responsibilities.

Bravura Solutions

Libby Roy will step down as chief executive and managing director effective immediately and will remain with the company until 30 June 2023 for handover and transition purposes.

The board has commenced a global search for a chief executive to lead Bravura.

Andrew Russell will become interim chief executive. Russell is currently an independent non-executive director.

SS&C Hubwise

Andre van der Westhuizen has been named as chief information office of wealth at the multi-asset investment platform, according to his Linkedin profile.

He joins from Quilter, where he was head of technology.

M&G Wealth

The business has confirmed that David Montgomery will stand down from his role as managing director.

He will leave at the beginning of August.

M&G Wealth did not confirm if it was looking to replace him.

Lighthouse Canton

The wealth manager has named Rohit Johri as executive director and will be based in the firm’s Dubai International Financial Centre (DIFC) operation.

Johri was previously a director and senior banker at BNP Paribas.

Evelyn Partners

The wealth management and professional services group has named Craig Dowsett as a financial planning director in the firm’s London office.

He joins Evelyn Partners from Vintage Wealth Management, where he spent more than seven years working as an IFA.

Guernsey Finance

Kevin Boscher, who is chief investment officer at Ravenscroft, has taken on the role of deputy chairman.

He joins Paul Sykes, Kate Storey, deputy Steve Falla, Guernsey Finance chief executive Rupert Pleasant and current chairman deputy Lyndon Trott.

Franklin Templeton

The asset manager has named Jacob Rowe as business development director for its UK wholesale distribution team.

Rowe has about 10 years of industry experience, having joined from Russell Investments, where he spent the last seven years in an intermediary distribution role.

Charles Russell Speechlys

The law firm has named Vanessa Duff as a partner within its family team.

She joins the Hong Kong office from Withers Hong Kong.

GBST

The global wealth tech firm has appointed Ross Hamilton to the newly created role of head of cloud infrastructure for retail wealth.

Previously, Hamilton was head of infrastructure at Bravura.

Atomos

The advice-led wealth manager has named Max Newman as direct equity specialist.

He will work alongside Haig Bathgate, with responsibility for the firm’s direct equity proposition.

Newman was previously a director and portfolio manager at Julius Baer.

Vania Franceschelli has been elected chair of the European Federation of Financial Advisers and Intermediaries.

Franceschelli has been on the board of the federation for several years and held the role of vice chair since 2019.

Previous chair Martin Klein has been elected as vice chair, with Paul Stanfield, secretary general, and Marta Gellova, treasurer, have been re-elected to their existing roles.

Candriam

The global multi-asset manager has promoted Nicolas Forest to chief investment officer.

He was previously global head of fixed income.

Philippe Noyard, currently global head of credit and deputy global head of fixed income, will succeed Forest as global head of fixed income.

Kingswood

Paul Hammick has been named as chief risk officer at the wealth manager.

He has over 26 years of experience in financial services having worked at Lloyds Banking Group, 11 years of which were at executive level leading risk, operational and sales teams.

Nucleus Financial

The wrap platform has named Justin Tovey as interim chief risk officer.

He replaces Martin Ettles, who has left the group to seek a new challenge.

Tovey joins from River and Mercantile Group, where he was chief risk officer for four years.

ThomasLloyd

The investment firm has appointed Nadir Maruf as chief investment officer.

Prior to joining ThomasLloyd, Nadir held the role of head of private markets at Tesco Pension Investment, where he was responsible for the private markets business and underlying portfolios, including overseeing all direct and indirect unlisted strategies.

Ocorian

The financial services provider has promoted Tania Mohacs to chief commercial officer.

Tania, who joined Ocorian in 2019, is based in London and was previously head of regulatory, legal and compliance at Ocorian.

Old Mill

The financial services group has named Amanda Browning as partner and head of wealth management.

She joins from Evelyn Partners, where she was managing partner.

London & Capital

The wealth manager has appointed Kristin Schaefer as head of relationship management for its US Family Office operation.

She will have a focus on cross-border Americans.

Schaefer joins from JP Morgan, where she led the private bank in Utah and Idaho. She will be based in London.

AssetCo

Head of distribution at the wealth and asset manager, Gary Collins, has left the company.

Collins has joined Door as head of clients for global ex-North America.

Foster Denovo

The IFA group has named Jacqui Irvine and Rosemarie Paul as independent non-executive directors.

The appointments follow the retirement of Alan Taylor, ex-non-executive director of Foster Denovo, after 14 years in the role.

Irvine is a qualified solicitor and adds over 25 years’ experience in the financial services industry. Paul is a qualified lawyer and the trustee of Trust for London.

Ocean Dial manages the £127m India Capital Growth Fund and is wholly owned by Avendus Capital Asset Management.

In an announcement issued on the London Stock Exchange, Assetco chairman Martin Gilbert said he was delighted to welcome India Capital Growth Fund as a client. Gilbert reiterated Assetco’s mission, which he said was to acquire, improve, and grow asset management businesses with potential.

He added: “We are excited about the long-term potential that India offers and see opportunities to add value by bringing Ocean Dial together with the other active equity asset management businesses we are combining under the River and Mercantile brand.”

Gaurav Deepak, co-founder and chief executive of Avendus Capital, said: “Avendus is delighted to have concluded an arrangement with Assetco for the sale of our Ocean Dial Asset Management business. This sale will benefit all the stakeholders of Ocean Dial and allow us to participate in Assetco’s on-going success as a shareholder. We look forward to working with Martin and his team to complete the transaction and to a long and fruitful future relationship.”

The Financial Conduct Authority (FCA) is expected to approve the deal by the end of Q2 2023, while approval from the Reserve Bank of India and Securities Exchange Board of India is expected to run into the third quarter of this year.

AssetCo has shown it has international ambitions after it recently joined forces with digital investment solutions platform Investcloud in a bid to enhance the distribution of its financial products and strategies, globally.

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Beginning later this year, the platform will distribute Assetco’s investment strategies and financial products, initially to US advisers, via its Financial Supermarket.

The marketplace enables advisors to search for and select products for clients, using digital search capabilities to access virtual products all in one location.

Assetco is now a member of Investcloud’s client base, which currently includes over 150 asset managers, 400 wealth managers, and 140,000 individual financial advisors. The platform has over $6trn (£5trn, €5.62trn) of assets, globally.

Campbell Fleming, chief executive of Assetco, said the firm is undergoing a period of dynamic change: “Our partnership with Investcloud plays a pivotal role in our transformational strategy in the US, as we engage in a digital partnership to align ourselves with investors preferences of the future.”

Though the partnership will launch in the US initially, Fleming said Investcloud’s digital approach to distribution would give Assetco the ability to reach a global audience.

The subsidiaries of Assetco, namely River and Mercantile, SVM, Saracen, and Rize ETF, will also have access to the platform.

Alex Hoctor-Duncan, chief executive of River and Mercantile, said: “We are well aware of the potential opportunities in the US and believe our tailored strategies will be very successful through our partnership with Investcloud.

“It’s an exciting new initiative, reinforcing our belief that as a dynamic boutique we can move with the times and change as the investment landscape changes.”

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