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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Syndicate | LSE:SAM | London | Ordinary Share | GB00B0GR9291 | ORD 0.2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.42 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSAM For immediate release: 0700hrs Friday 25 February 2011 Syndicate Asset Management Plc ("Syndicate" or the "Company") Results of Strategic Review and Trading Update The Directors of Syndicate Asset Management Plc (AIM: SAM), are pleased to report the conclusions of the strategic review following the appointment of Mark Cheshire as Group CEO on 15 February 2011. Group focus Going forward, the Group will focus exclusively on the wealth management sector through its offering of financial planning and asset management services. The Board sees significant opportunities within the UK wealth management sector - both at the mass affluent and high net worth levels - and believes it now has the momentum, internal processes, national footprint of offices and the support of its major shareholders to capitalise upon those opportunities. Sale of EPIC Asset Management Given the Company's wish to focus exclusively on the wealth management sector, the decision has been reached by the Board, in consultation with internal and external parties, to seek to dispose of EPIC, the Company's institutional fixed income asset management business. To that end, advisers have been appointed and discussions with third parties have commenced. However, no assurances can be given at this stage that these discussions will lead to a disposal. The Board will provide an update in due course. Proposed name change to Ashcourt Rowan It is the Board's intention to also seek Shareholders' permission to change the Company's name to better reflect its strong position within the wealth management sector. It is proposed that the Group will operate under the lead brand of Ashcourt Rowan, with high net worth clients requiring more bespoke solutions being serviced via the Savoy branded service. A General Meeting will be called in due course to vote on this matter. Streamlining of Syndicate Central Overhead and Corporate Structure In line with the refocusing of the Group on the wealth management sector, it is the intention to simplify Syndicate's central overhead structure so that it is more appropriate for a wealth management business employing some 360 staff across 19 locations with approximately GBP4.5 billion of funds under management and advice. As previously announced, the Group is also consolidating its London property portfolio which will result in the London offices of its two wealth management businesses, Ashcourt Rowan and Savoy, benefiting from being based in a single location. The Group will also look to simplify its corporate structure and reduce the number of separate legal entities in the Group. It is expected these exercises will deliver significant cost savings, the benefits of which will largely be felt in the next financial year. In addition, it is the Board's intention to undertake a share consolidation at the appropriate time. Trading update The Board is also pleased to report that trading in its core wealth management businesses is in line with the Board's expectations. Current cash balances within the Group are GBP6.8 million. As a result of the changes detailed above there will, however, be exceptional one-off costs and impairments, the majority of which will be non-cash. These will largely fall in the current financial year and the first half of next year. The Board is also mindful of the FSCS levy which will impact the current financial year by approximately GBP800,000. Mark Cheshire, Group Chief Executive Officer, commented: "We have achieved significant momentum in the wealth management sector through the Ashcourt Rowan brand in the last fourteen months. Having consulted extensively with shareholders, staff and clients, the Board is confident that the results of the strategic review will deliver profitable growth to shareholders going forward. Furthermore, our clear focus on the wealth management sector will allow us to continue strengthening the range of services delivered to our clients, as well as improving the positive work culture for our staff." -Ends- Further information: Syndicate Asset Management plc Peter Dew (Chairman) Tel: 020 7659 8060 Mark Cheshire (Group CEO) Tel: 020 7553 2307 Cenkos Securities plc Stephen Keys (Nomad) Julian Morse Tel: 020 7397 8900 GTH Communications Toby Hall/Christian Pickel Tel: 020 3103 3903 END
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