SAM subsidiary Rowan & Co Capital Management plc purchased investment oriented independent financial adviser Burfield & Partners Asset Management for up to £425,000. Burfield will be integrated into Rowan in the post-acquisition period to cut operational costs and ensure the transaction is earnings enhancing in the year to 31 March 2009.

John Morton, SAM group chief executive, says: “Burfield is the second acquisition during the last quarter and demonstrates our commitment to developing the business through acquisition and organic growth, and strengthening the group’s presence in the southwest.”

In 2007 Burfield made a profit before tax of £21,000 on turnover of £149,000. Funds under management are approximately £13 million.