Syndicate Asset Management, a wealth management firm, made its first acquisition in the institutional market by acquiring EPIC Investment Partners from current shareholders for £17.7 million ($34.7 million), according to John Morton, group CEO at Syndicate. The transaction brings Syndicate's overall assets under management to £5.5 billion. EPIC, with about £2.5 billion in institutional assets, mainly runs fixed-income strategies for insurance companies, although it also has some expertise in alternative investments, including private equity and real estate.
Syndicate aims to expand its institutional offerings and will target pension funds as potential clients, Mr. Morton said. The acquisition is the holding company's seventh since it was established in 2005, and the firm is looking to buy other institutional asset managers.
"This is a very deliberate move," Mr. Morton said. "I wouldn't be surprised if, in the near future, we have a complete range of offerings to the whole (institutional) audience."
EPIC will operate independently and retain its name, said Joe Wellman, EPIC's chairman.
