Syndicate Asset Management has sold its institutional fixed income arm, Epic Investment Partners, to Hume Capital for £2.1 million (around $3.5 million), as part of plans to focus on the wealth management sector, according to media reports.

As part of the deal, Syndicate will take £0.35 million in cash and an internal group loan provided by Epic to Syndicate of £1.25 million has been written off, say reports.

The proceeds of the sale are reportedly to be added to Syndicate’s working capital.

“Our focus is now squarely on the wealth management sector, in particular expanding the presence of our Ashcourt Rowan brand and the availability of our Savoy service across the UK,” said Mark Cheshire, chief executive of Syndicate.

Hume Capital bought Syndicate’s Guernsey-based investment management company in January for £1.8 million.