AssetCo to acquire a 63% stake in Rize ETF from Davy Group for $23m.

AssetCo, a provider of fire safety services, agreed to acquire a 63% stake in Rize ETF, an operator of a thematic ETF issuer company, from Davy Group, a stockbroker, wealth manager, asset manager and financial advisor, for $23m. "The team at Rize has built an impressive thematic ETF platform, based on an incredibly exciting ethos. It provides investors access to products that enable them to participate in new and relatable themes and benefit from strong growth led by secular trends. The Rize approach to product development echoes one of the fundamental principles on which AssetCo's strategy is based: that a new approach to asset management, unbridled by legacy constraints and ways of doing things, will drive significant growth, as technology led manufacturing and distribution of investment products tap into the new, emerging trends in the way the next generation of investors choose to allocate their capital," Peter McKellar, AssetCo Deputy Chairman and CEO.