MARTIN Gilbert's (pictured) asset management vehicle Assetco snapped up Edinburgh firm SVM Asset Management Holdings yesterday for £10.7m, broadening its footprint north of the border.

The deal will see Assetco acquire SVM via a mixture of £1.7m cash and £9m in loan notes, which can be converted into fully paid ordinary shares.

The tie-up comes after Assetco last year bought Edinburgh firm Saracen Fund Managers, with Gilbert saying the new move would boost the Scottish business further. "We are immensely proud to be building an asset management hub in Edinburgh that, over time, will broaden its client base across the UK and beyond," he said yesterday.

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