New jobs likely in Bournemouth merger (From Business in Dorset)

New jobs likely in Bournemouth merger

8:00am Thursday 4th February 2010

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New jobs and potential investment are forecast following the merger of two wealth management practices in Bournemouth.

Ashcourt at Russell House in Oxford Road and Rowan at Tayfield House, Westbourne, have joined forces to create Ashcourt Rowan.

Regional executive Alistair Mitchell explained how Ashcourt had been established by Lester Aldridge, the Bournemouth legal practice, originally trading as LA Invest but was then sold off in 2006. Rowan has been in the area for 15 years.

“We would be looking to take on three to five more asset managers in the next 18 months and hopefully allow existing staff to move into the position of asset managers,” Mr Mitchell said. “A new chief executive joined at the end of last year and he is getting a handle on the business. There might be more investment going forward.”

Eighteen staff are currently employed across the two Bournemouth firms, with 220 in 17 offices and it is possible that the Bournemouth and the Westbourne branch might merge.

The new business looks after 20,000 clients and is keen to attract more by offering “a high level of personal service”.

Mr Mitchell says that there are a number of high net worth individuals in Bournemouth with most clients being based here “but there are some in Cumbria and Belize”.

“The average portfolio is £300,000 and we deal with portfolios from £50,000 to £8m ensuring that people are properly diversified so they have cash, fixed interest investments and government and corporate bond vehicles,” he said.

Ashcourt Rowan is owned by Syndicate Asset Management Plc, which manages £6.4 billion of funds.

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