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October 18, 2019

Tatton Asset Management buys Tenet funds unit

Tatton Asset Management has purchased Sinfonia Asset Management (SAM), part of Tenet Group, for £2.7m.

Of the deal consideration, Tatton will pay £2m from its cash resources upon deal completion. The remainder will be paid based on the fulfilment of certain targets by the acquired business at the end of the first and second years after closing.

Tatton founder and CEO Paul Hogarth said: “Following the strategic partnership agreement with the Tenet Group which we announced in June of this year, we are delighted to have acquired the Sinfonia range of funds from Tenet.

“The acquisition of these funds continues to strengthen our relationship with Tenet and complements our current portfolio range of investments which both broadens our proposition to the wider investment community and contributed to the Group reaching the £7 billion AUM milestone.”

The acquirer called SAM a “good strategic fit” for the company.

SAM offers five risk-targeted funds, which oversee £135m in assets.

“The growth of our AUM is at the core of Tatton’s strategy.  To achieve this, we will continue to develop our centralised investment proposition while enhancing and evolving our product offerings for our firms’ advisers and their clients, both organically and through acquisition,” Tatton noted.

In June this year, Tatton entered a partnership with Tenet to offer a managed portfolio service to the latter.

Last month, Tenet bought Forth Financial Services, an Edinburgh-based financial advisory business.

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