Syndicate Asset Management, a London-based money management holding company, plans to sell institutional fixed-income manager EPIC Asset Management, according to a U.K. regulatory filing.
Syndicate said it has begun shopping EPIC around, but that “no assurances can be given at this stage that these discussions will lead to a disposal,” according to the filing. Following a strategic review, the firm plans to focus exclusively on wealth management.
EPIC managed £2 billion ($3.2 billion) as of Dec. 31, according to its website. Ravi Shankar, managing director, CEO and chief investment officer at EPIC, was out of the country and unavailable for comment.
Syndicate’s board has suggested changing the holding company’s name to Ashcourt Rowan, one of its wealth management brands, “to better reflect (the company’s) strong position within the wealth management sector,” according to the filing.