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Syndicate buys Chartwell Group

Syndicate Asset Management is to buy IFA and fund manager Chartwell House Group.

SAM will pay 1.15m in cash now and then the balance annually between November 9 2006 and 2012, calculated at 15 per cent of annual turnover. The balance is capped at 900,000.

For its financial year ended March 31st 2005, Chartwells profit before tax was 150,000. It has 90m in funds under management and the acquisition will bring the firms assets under management to over 750m.

SAM floated earlier this year and aims to build a broad fund management group through the acquisition of smaller fund managers.

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