Syndicate Asset Management, a London-based investment management firm backed by a number of major Icelandic investors, has bought Investment...

Syndicate Asset Management, a London-based investment management firm backed by a number of major Icelandic investors, has bought Investment Management Holdings, an independent financial advisor group, for £7.6 million ($13 million). IMH subsidiary, investment manager and private client advisory group, Rowan, has about £570 million of assets under management, which brings SAM’s total assets under management to around £1.3 billion. IMH is partly owned by the wealthy Omani Al-Yousef family, which is linked to financial firms in the Gulf region. Monaco-based multi-millionaire and private investor David Newton had also built up a stake of around 23 per cent in IMH. The purchase represents the third acquisition by SAM in as many months. In September, SAM bought Ashcourt Holdings, a fund management business. Early this month, SAM acquired The Chartwell House Group, a regional UK-based asset manager. SAM is backed by a number of prominent Icelandic investment groups, including Equity Special Situations, which has links with Kaupthing Bank. Another prominent shareholder is the Icelandic investment company Burdaras. Both Burdaras and Kaupthing also have major holdings in the UK financial services firm, Singer & Frielander.