Syndicate Asset Management (SAM) has raised £310,000 in an 80p placing to help fund its Pagan Osborne acquisition.

AIM-quoted SAM, an acquisitive holding company for other fund management groups, announced its deal to buy the two financial services divisions of Scottish law firm Pagan Osborne earlier this month.

SAM chief executive John Morton and his family have subscribed to the placing.

SAM, whose previous takeovers include Savoy Asset Management, increased pre-tax profits 84 per cent to £3.75 million on a modest 5.5 per cent gain in funds under management to £5.7 billion in the year to March.

At 87.75p, the shares value the company at £114.8 million.

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Syndicate Asset Management	AIM	£15.48m	11.25p	0.00p
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