Syndicate Asset Management has announced the completion of the final terms of its acquisition of The Independent Financial Solutions Group.
Syndicate will pay £4.2m for the Chelmsford-based pension and investment adviser business, comprising of £1.9m initial cash consideration paid on completion plus up to £0.2m for the net assets of IFS.
In addition, up to a further £2.1m will be paid in loan notes in the two year period following completion.
Syndicate says in the year to 31 August 2007, IFS made a gross profit of £325,510 and funds under ongoing advice are approximately £110m.
According to Syndicate this acquisition adds approximately £110m to its funds under management and strengthens the group’s private client financial planning business.
IFS will be absorbed into its subsidiary financial planning arm Ashcourt Financial Planning Limited.
Group Chief Executive John Morton says: “This acquisition meets one of Syndicate’s continued strategic aims to grow via acquisitions that deliver cost savings through synergies with its existing underlying businesses.”