On November 14, 2013, Charles Stanley Group plc announced that it will acquire Evercore Pan Asset Capital Management for an undisclosed sum, plus additional performance-based consideration.
On November 14, 2013, Charles Stanley Group plc announced that it will acquire Evercore Pan Asset Capital Management Limited (“Pan Asset”). In additional to the initial cash consideration, Charles Stanley will pay additional performance-based consideration over the next 12 and 18 months. The acquisition is subject to approval by the Financial Conduct Authority. Pan Asset provides its clients with asset allocation advice, specializing in the use of index tracking investments, and has approximately £593 million in assets under management. Charles Stanley is an investment manager serving clients through its network of UK offices plus actively managed model portfolios available on a variety of platforms. The terms of the transaction were not disclosed.
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