AssetCo agreed to acquire a majority stake in exchange-traded funds platform Rize ETF for a cash payment of £16.5 million ($22.9 million), a spokesman confirmed.
AssetCo, which was established to acquire, manage and operate asset and wealth management firms, is also committing a further £5.3 million to help fund the platform's growth, which has $450 million of assets under management.
A 63% stake is acquired from J&E Davy Holdings, while the deal is set to close on July 27.
The move follows AssetCo's acquisition of Saracen Fund Managers announced in May, which is set to complete in September. Saracen Fund Managers has £120 million in assets under management.
On July 1, AssetCo agreed to buy a 30% stake in investment and advisory platform business Parmenion Capital Partners, which has £9 billion in assets under management.
"Our strategy is to position AssetCo to take advantage of the structural shifts taking place within the asset and wealth management industry, such as the increasing use of technology to help individual investors and their advisers," Peter McKellar, deputy chairman and CEO of AssetCo, said Thursday in a news release.
"Rize has the team, pedigree and expertise to grow significantly and to continue to deliver product innovation for investors, building a world class thematic ETF business in the process," he said.
