Ashcourt Rowan given green light for £8.5m capital boost

Ashcourt Rowan has been given the go-ahead for a potential £8.5m capital injection after a share placing was approved at its annual general meeting today.

It has confirmed 8.5 million placing shares are expected to be admitted to trading on AIM at 8am on 5 December, issued at 100p each.

A combination of new and existing investors will acquire the shares in a bid to position the business as a leading player in the wealth management space over the next three to five years.

Last month, the company said it would also use the additional capital to strengthen its balance sheet and improve its regulatory capital position.

It added it was planning to develop a "best of breed" investment management proposition and "formalise" arrangements in relation to certain assets managed under the company's Savoy brand.

In August, Jonathan Polin, the former sales and marketing director at Ignis Asset Management, took over as the group chief executive at Ashcourt Rowan.