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IFA Chartwell House bought in 2m deal

Syndicate Asset Management has bought Cambridge IFA Chartwell House Group for up to 2.06m.

It is SAM’s second IFA acquisition after it bought Ashcourt Holdings in September.

It is paying 1.15m immediately in cash plus a consideration depending on the performance of Chartwell.

The balance of the consideration will be paid annually from November 2006 until 2012, calculated as 15 per cent of annual turnover, and is capped at 900,000. For the financial year ended March 31, 2005, Chartwell’s total revenue was 1.48m and profits were 150,000.

Chartwell has 90m under management and the acquisition brings SAM’s total funds under management to 750m.

SAM floated earlier this year and aims to build a fund management firm by buying IFAs and fund managers. The group says it has a strong pipeline of potential targets and will be making further buys shortly. It expects to make most of its acquisitions in the UK but may make offshore and EU purchases.

Chairman David Pinckney says: “We are committed to play an active role in the consolidation of the fund management industry with a view to building a broad fund management group in the future.”

Dennehy Weller managing director Brian Dennehy says: “The key to the deal is how much of the 90m under management is subject to renewal commission and how much it can hold on to after making the sale. With more money in the pipeline, there remains a good incentive for Chartwell to perform and give input to help SAM get the most out of the business.”


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