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Syndicate adds two more IFA acquisitions

Syndicate Asset Management has continued its acquisition of IFA firms by buying St Andrews Asset Management and Pagan Osborne Independent Financial Advisers.

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The two firms make up the financial services division of Scottish law firm Pagan Osborne and will bring £200m of funds under management or advice to Syndicate’s subsidiary Ashcourt.

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

Syndicate’s profits leapt by 84 per cent from £2.04m to £3.76m for the year ended March 31 and revenue rose by 41 per cent to £40.3m from £28.6m. Funds under management are up by 5.5 per cent from £5.4bn to £5.7bn.

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 stockmarkets.”

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