Syndicate Asset Management, a business that acquires and consolidates boutique fund management firms, has virtually doubled its assets under management to £5.5bn (€8.2bn) with the purchase of institutional fixed income house Epic Investment Partners.

The deal is worth a maxium £17.7m, including £5.4m worth of Syndicate shares and a potential payment of £2.8m, which will depend on the profitability of Epic until 2010.