Syndicate takes on EPIC

15 January 2007

Syndicate Asset Management (SAM) has agreed to buy the fixed interest fund firm EPIC Investment Partners from BRIT Insurance Holdings and other shareholders.

The acquisition by the UK AIM-traded specialist fund management firm, worth around up to £17.8 million ($34.9 million) in cash, shares, loan notes and a deferred consideration, is its seventh in the last 16 months and takes its total funds under management to £5.5 billion ($10.8 billion).

John Morton, SAM group chief executive, said: "EPIC represents a major step forward in achieving SAM's objective of broadening the investment business within the group. Having approximately £5.5 billion under management means that we are now a significant force in the fund management market place.

"Our business model of providing a supportive environment for entrepreneurial and innovative fund management operations to flourish is working extremely well. We are seeing the effects of this model in the companies we acquired last year, who, despite lower stock market trading volumes, are performing very well and benefiting from the increasing focus on fee rather than commission driven business."

EPIC Investment Partners, a holding company for EPIC Group, has emphasis on fixed interest institutional fund management, fixed interest and equity fund management services for specialist closed end funds, property and private equity investments.

The deal is expected to be closed on January 19th.

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