Tatton AM makes first acquisition as assets hit £7bn

Buying subsidiary of Tenet Group

Tatton Asset Management has announced its first acquisition, buying Sinfonia Asset Management (SAM), a wholly owned subsidiary of the Tenet Group, for up to £2.7m.

The acquisition is part of the group's strategy to grow assets under management, with SAM identified as a business offering a "good strategic fit". It brings with it five risk-targeted funds with a total AUM of £135m, which the group believes will compliment its existing fund range and extend the offering available to its clients. The purchase will be made using existing cash resources, with £2m of the total sum payable on completion and the remaining balance payable against specific AUM targets in two equal instalments at the end of the first and second year after completion. Paul...