UK-Listed Asset Manager Makes Another Acquisition

Stephen Harris

12 January 2007

AIM-listed fund management consolidator Syndicate Asset Management is to acquire EPIC Investment Partners, a holding company for a group of specialist fund management companies. The acquisition, Syndicate's seventh in less than 16 months, adds institutional expertise to its existing successful wealth management capability and brings total funds under management to approximately £5.5 billion. The maximum consideration will be £17.77 million, £4.7 million in cash on completion, £3.35 million in new SAM ordinary shares and £6.9 million in unsecured loan notes. A further £2.8 million of deferred consideration is available. EPIC specializes in fixed interest institutional fund management, fixed interest and equity fund management services for specialist closed end funds, property and private equity investments. Completion is expected on or around 19 January 2007.