Syndicate Asset Management’s, one of the UK’s most acquisitive wealth managers, is likely to be hurt by the recent economic and financial di...

Syndicate Asset Management’s, one of the UK’s most acquisitive wealth managers, is likely to be hurt by the recent economic and financial difficulties Iceland is encountering, say analysts. SAM has acquired five UK wealth management or related groups in the last nine months, and now has more than £1 billion ($1.7 billion) of assets under management. 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. Kaupthing Bank has recently seen its share price drop by more than 30 per cent in the last month and a half, as the fallout from problems in the Icelandic economy filter through to the banking sector. Kaupthing Bank also owns Singer & Friedlander, the UK investment and private client group. Analysts who WealthBriefing spoke to yesterday said the Icelandic investment companies are also feeling exposed to the local economy’s difficulties. “All these groups are likely to be looking at their foreign holdings and be considering cost savings,” said one London-based financial analyst. SAM itself has also performed less well on the AIM market in recent months. Its share price has dropped more than 40 per cent in the last five months. Recently the firm announced the sudden resignation of its chief executive Michael Campbell-Birkett, who left for personal reasons, according to SAM. He was replaced by John Morton, an existing executive director of the firm.