Fund firm acquisition vehicle Syndicate Asset Management is seeking Aim listing and is buying asset manager and financial planning firm Ashcourt Holdings.Syndicate was set up to build a fund management group by buying smaller firms. It has raised 33m at 60p per share in pre-IPO financing. The firm is offering 210p per share for each share of Ashcourt holdings, valuing the firm’s existing issued share capital at 12.9m and 13.1m if the firm exercises all its outstanding share options. The offer price represents a premium of 88.5p or 73 per cent on the Ashcourt closing price of 121.5p on September 8. Ashcourt was set up in 1994 as the asset management division of a firm of solicitors by chief executive, John Morton. It demerged to become an independent asset management firm in 2000 and has grown to a company managing 600m of funds. Sixty per cent of the firm is in investment management and 40 per cent in financial planning. It has eight RIs and 14 asset managers. Ashcourt chief executive John Morton says: “This is a great deal for our shareholders, clients and staff. SAM shares our belief in the future consolidation of the industry and its strategy is almost identical to ours.” Innes Reid managing director Mark Reidford says: “We are seeing consolidation right across the board from sole traders through asset managers to the life insurance firms. Size is power and often the best way to get it rather than growing generically is to go on the acquisition trail.”
A major factor determining the relative performance of an equity portfolio is the proportion devoted to big and smaller companies. It is not unusual for the leviathans to outpace the minnows (or vice versa) by 10 or 20 per cent in a single year.
Platinum Capital Management
Platinum Global Dividend Fund
Abbey for Intermediaries/Knight Frank
Residential Property Plan
The Chartered Insurance Institute has finally won chartered status – a very significant step along the road to making advisers into a profession.The bar is set very high.
Our client leads the global market in high-tech electronics manufacturing and digital media. The trustees of the company’s final salary pension scheme insure death-in-service lump sum and dependants’ pension death benefits for active employees, as well as dependants’ pension benefits for deferred members (those who have left service).
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