Martin Gilbert's AssetCo to acquire 63% stake in Rize ETF for £16.5m

Martin Gilbert's AssetCo has struck a deal to acquire a 63% stake in Rize ETF for £16.5m, with a further £5.25m to be invested in the thematic ETF provider to fund growth. AssetCo plans to raise approximately £25m of new equity from investors to fund the acquisition. Following the deal, management and employees will own an effective 37% equity interest in Rize ETF, of which 5% is subject to certain near-term performance conditions, the company said in a statement. Martin Gilbert, chairman, Peter McKellar, deputy chairman and chief executive officer, and Mark Butcher, non-executive dir...