AssetCo, the deals company set up by fund management veteran Martin Gilbert, has snapped up Edinburgh-headquartered SVM Asset Management to help build a hub in the Scottish city.

SVM, which oversees £586m and manages a suite of five open-ended funds together with an investment trust, was set up in 1990 by Colin McLean and Margaret Lawson. The duo, alongside a family trust, are significant majority owners of the business.