Syndicate Asset Management is to rebrand as Ashcourt Rowan and sell its insititutional asset management business to focus on wealth management.
The group has appointed an adviser and started talks with third parties to sell institutional fixed-income offering Epic Asset Management and is proposing to rebrand as Ashcourt Rowan, the name of its wealth management subsidiary.
The board says the name change will better reflect its position in the wealth management sector. It is also looking to simplify its corporate structure and reduce the number of legal ent- ities within the business.
Syndicate says trading in its wealth management arm is in line with expectations, with cash balances in the group at £6.8m.
Syndicate AM chief executive officer Mark Cheshire says: “Our clear focus on the wealth management sector will allow us to continue strengthening our range of services.”