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Syndicate Asset Management sells Guernsey division

Syndicate has sold its Guernsey-based investment business to Hume Capital for £1.8m.

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Syndicate announced its intention to sell the business in its interim results announced in December last year.

The sale will be made up of a cash payment of £850,000 for the goodwill of the business, with a further pound for pound payment for the net assets of Syndicate C.I. at the date of completion, which is expected to be about £440,000.

Syndicate C.I., which is the appointed manager of Zenith Funds which provides individuals and financial intermediaries with a range of investment and multi-manager funds, made an operating loss of £384,000 and a reportable loss before tax to the Syndicate group of £546,000 for the year ended 31 March 2010. Revenue for the business was £2.69m over the same period.

Syndicate Asset Management chairman Peter Dew said: “The board is delighted to have concluded the sale of its Guernsey operation which, following a strategic review, was viewed as non-core to the group’s activities.”

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