AssetCo is run by fund management veteran Martin Gilbert, who owns 8.7% of the business and is its chairman.

In 2020, the firm’s profits before tax stood at £3.4m.

The firm has also revealed that during 2021, AssetCo’s share price more than quadrupled to close at £17 per share, compared to £4.11per share in 2020.

AssetCo has improved its capital position from £32.3m to £56.1m, plus a tender offer which returned £27m to shareholders.

The company secured equity stakes in four businesses in 20201, including River and Mercantile, Saracen Fund Managers, Rize ETF and Parmenion.

Throughout the year, AssetCo adopted a new strategy focused on building and operating an asset and wealth management business – from zero to £9.6bn in Assets under Management.

Campbell Fleming, CEO of AssetCo plc, said he was “immensely proud” of the progress AssetCo has made over the past year.

He said: “Thanks to the hard work of our Chairman and Deputy Chairman, Martin Gilbert and Peter McKellar, and the rest of the team, AssetCo has been transformed into an agile asset and wealth management business, not burdened by legacy issues, constraints or complexities.

“The asset and wealth management industry is going through a period of significant change including technological advances, evolving investor needs and habits. To address these structural shifts the businesses we have invested in encompass four key areas – active management in both public and private markets, high growth thematic investing, ESG and digital solutions. Saracen Fund Managers, Rize ETF and Parmenion are well placed to take advantage of the changing landscape to meet client needs.”

He continued: “The potential acquisition of River and Mercantile, subject to shareholder and regulatory approval, will augment our strategy and will become a core part of our equity platform and the cornerstone of our private markets offering as well as increasing our AuM to over £12 billion.

“I am confident that AssetCo has established the foundations to continue to grow organically and through selective acquisitions and most importantly to deliver for investors.”