AssetCo has purchased the firm for an effective total consideration of £2.8 million to be satisfied by the issue of 54,639 new ordinary shares of 10p each in the Company and £1.9m in cash.

Prior to the deal’s completion, Revera had notified AssetCo that there will be a decline in its Assets under Management (AuM) resulting from a change in a client’s circumstances outside its control.

Following these changes it is anticipated that Revera’s two funds, SVS Revera UK Dynamic Fund and the Skye Trust, will have approximately £50 million in aggregate in AuM.

In the light of this, AssetCo and the vendors of Revera agreed to reduce the consideration payable, now, the total consideration is £1.1m which was payable entirely in cash.

Campbell Fleming, CEO of AssetCo, said: “The acquisition of Revera is part of our plan to establish an active equity platform offering a range of investment styles and strategies alongside our recently acquired River & Mercantile capabilities to cater for investors’ evolving needs.

“We are confident that the addition of Revera further strengthens our presence in Scotland. We look forward to working with the team and their clients across the UK.”