Tatton Asset Management plc (AIM: TAM), the on-platform discretionary fund management (DFM) and IFA support services business, is pleased to announce the recent acquisition of the entire issued share capital of Sinfonia Asset Management Limited (SAM), a wholly owned subsidiary of the Tenet Group (Tenet) for up to £2.7 million.
The consideration of up to £2.7 million will be satisfied out of existing cash resources. £2.0 million was payable on completion with the remaining balance payable against specific AUM targets in two equal instalments at the end of years one and two post completion. Further details of the financial impacts will be set out at the time of our Interim Results in November.
Commenting on the transaction Paul Hogarth, Founder and CEO of Tatton Asset Management plc, said:
“Following the strategic partnership agreement with the Tenet Group which we announced in June of this year, we are delighted to have acquired the Sinfonia range of funds from Tenet. The acquisition of these funds continues to strengthen our relationship with Tenet and complements our current portfolio range of investments which both broadens our proposition to the wider investment community and contributed to the Group reaching the £7 billion AUM milestone.”