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Syndicate acquires two additional advice firms

Syndicate Asset Management has announced the acquisition of two financial advice firms, St Andrews Asset Management and Pagan Osborne Independent Financial Advisers.

The firms are the financial services divisions of Scottish law firm Pagan Osborne and will add an additional £200m of funds under management or advice to Syndicate’s subsidiary Ashcourt.

Syndicate says the acquisition is due to complete on August 29.

The group has made three other acquisitions since March 2007 including Insight Investment Management, now Syndicate Asset Management Limited, Independent financial Solutions Limited and Burfield and Partners Asset Management Limited.

The group’s profit has increased by 84 per cent from £2.04m to £3.76m in the year to March 2008 and revenue increased by 41 per cent to £40.3m, up from £28.6m. Funds under management rose by £0.3bn.

Syndicate chairman David Pinckney says: “This significant improvement in the financial results for the group is continuing evidence that the strategy we are following is showing through to our financial performance despite the current turbulence in global stock markets.”

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