Syndicate sells Guernsey multi-manager subsidiary

The sale of the Guernsey company, which is the appointed manager of the Zenith fund range, follows a strategic review which concluded it was a "non-core division" for SAM. Guernsey company Syndicate Asset Management (C.I.) made an operating loss of £384,000 and a reportable segment loss before tax to the group of £546,000 for the year ended 31 March 2010. As part of the £1.8m deal, a cash payment of £850,000 will be made to Syndicate on completion of the deal, along with a pound-for pound payment of the multi-manager's net assets expected to be around £440,000. There will also be a wr...