Syndicate AM to focus 'exclusively' on wealth management

Asset manager Syndicate is to focus "exclusively" on wealth management and has sought shareholder approval to operate under the lead brand of its financial planning offshoot Ashcourt Rowan.

It follows a strategic review of the business and the promotion of former Ashcourt Rowan chief executive Mark Cheshire to group CEO earlier this month.

In a trading update today, the business says it intends to focus exclusively on the wealth management sector through its offering of financial planning and asset management services.

"The Board sees significant opportunities within the UK wealth management sector - both at the mass affluent and high net worth levels - and believes it now has the momentum, internal processes, national footprint of offices and the support of its major shareholders to capitalise upon those opportunities," it says.

The group will call a general meeting to sound out shareholders about changing the name of the company to Ashcourt Rowan to "better reflect its strong position within the wealth management sector".

In September last year, Ashcourt Rowan agreed to acquire the IFA business and assets of Co-operative Bank Independent Financial Advisers.