The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

SAM buys up small fund managers

Syndicate Asset Management's acquisition of Ashcourt Holdings for £13.1 million ($23.7 million) might signal a new approach in the UK fund management industry, marked by a shift towards the consolidation of small funds.

SAM, set up in March by Equity Special Solutions, a company listed on London junior market AIM, intends to acquire small funds with the goal of bringing "some billions" worth of assets into its portfolio, according to Jonathan Freeman, a director at SAM.

John Morton, chief executive at Ashcourt, says the merger "will be the first of a flow of many". He estimates that with the remaining equity available, SAM could accumulate approximately £1.5 billion in assets. It has already pulled in £600 million with the acquisition of Ashcourt.

Ashcourt and any further acquisitions, Freeman says, would retain their respective brands, but would integrate their operations and back-office divisions in an effort to benefit from economies of scale.

"Over a period of two to four years, you can definitely create economies of scale," says Freeman. "You do not need two human resources departments, or two heads of compliance.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree