Syndicate Asset Management has sold its institutional fixed income business Epic Asset Management to Hume Capital for £2.1m.
The deal is comprised of a £350,000 cash payment on completion as well as writing off the existing intra-group loan provided by Epic to Syndicate of approximately £1.25m.
Syndicate is also set to receive a deferred consideration of £500,000 upon the anniversary of the deal, which is conditional to certain milestones being achieved. The group says the net proceeds will go towards Syndicates working capital.
Syndicate announced it was to sell its institutional fixed income business in February this year as part of its plans to focus on the wealth management sector, which included the firm rebranding as Ashcourt Rowan.
Syndicate Asset Management group chief executive officer Mark Cheshire says: “”The Board is delighted to have concluded the sale of EPIC in such a timely manner following the Group’s strategic review. Our focus is now squarely on the wealth management sector, in particular expanding the presence of our Ashcourt Rowan brand and the availability of our Savoy service across the UK.”