Syndicate Asset Management, a UK AIM-listed specialist fund management group, is to buy Insight Investment Management’s Channel Islands business for up to £5.5 million ($10.9 million). Insight Guernsey has approximately £520 million funds under management and runs a range of fixed interest, cash and multi-manager open ended investment companies. In the year to 31 December 2006, the group made a profit before tax of £2.4 million including activities that have subsequently been discontinued. At completion, it will have minimum net assets of approximately £620,000. The acquisition is SAM’s eighth in less than two years and marks another step toward the firm’s long-term strategy of providing a full spectrum of fund management services. It will bring SAM's total funds under management to £6 billion. John Morton, group chief executive, said: “SAM will realise immediate cost synergies from this transaction by transferring Insight Guernsey’s outsourced investment management contract to its fixed interest fund management arm, EPIC Investment Partners, and the multi-manager funds to Ashcourt. Both Ashcourt and EPIC have been managing similar funds for a number of years.” Completion will follow clearance from the Guernsey Financial Services Commission.