The sale of Epic Investment Partners for £2.1m represents the conclusion of Syndicate’s move to being exclusively a wealth management firm rather than running it alongside a fund management business.
Syndicate is a consolidating business that was originally set up and started acquiring boutique institutional fund businesses (Epic and Zenith Funds) and wealth management firm (Ashcourt Rowan as it is now and Savoy Investment Management).
Zenith Funds was sold in Q3 2010, also to Hume Capital.
The move to being a pure wealth management firm was triggered partly from the need to strengthen its balance sheet given the events of 2007 and 2008 as well as a distinct change of strategy under new chief executive Mark Cheshire.
Syndicate Asset Management plans to rebrand under the Ashcourt Rowan name and this is expected to be agreed at a general meeting toward the end of this month.
