UK - Syndicate Asset Management (SAM) has announced that its subsidiary Ashcourt Holdings has acquired LAinvest Limited, a UK-based fund manager, for £1.2m.
Approximately 50% of the sum will be paid in cash upon completion of the deal, expected to occur on April 28 2006.
LAinvest has approximately £60m AuM.
The acquisition of LAinvest is the fifth by SAM since its admission to AIM in September 2005. SAM’s most recent purchase was Savoy Asset Management for £17m.
Michael Campbell-Birkett, chief executive of SAM, said: “We continue to deliver upon our strategy of building SAM and its operating companies through selected quality acquisitions. Ashcourt has grown its business substantially since we acquired it in September last year.”
John Morton, CEO, Ashcourt added: “LAinvest will complement our existing business very well.”
By Daniel Flatt
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