Investment firm Hume Capital has bought Guernsey-based Syndicate Asset Management CI for £1.8 million.

Investment firm Hume Capital has bought Syndicate Asset Management CI, the Guernsey-based subsidiary of Syndicate Asset Management, for £1.8 million.

Peter Dew, chairman of Syndicate Asset Management, comments that the Guernsey operation was sold following a strategic review which concluded that it was non-core to the company’s activities.

London-based Syndicate Asset Management is the holding company for a group of investment management businesses across the UK, including Zenith Funds and  Savoy Investment Management. The company currently has £5.8 billion of funds under management. In the year to March 2010, Syndicate CI made a pre-tax loss of £546,000 on a turnover of £2.69 million.

Founded in 2007, Southampton-based Hume provides investment products including hedge funds with a focus on Asian investments. Nitin Parekh, Hume Capital’s CEO, says: ‘Hume Capital is an independently owned UK investment firm specialising in active fund management. We are very excited about the opportunity to acquire a business with such a high quality client base.’