Pagan Osborne in talks to sell financial arm

Future partnership planned with acquiring asset management group

News, 7 August 2008

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Private client law firm Pagan Osborne has confirmed that it is in discussions to sell its investment and financial advice businesses.

It is intended that the operations would be acquired by Ashcourt, a UK financial planning and investment specialist and a member of the Syndicate Asset Management plc group, following which Pagan Osborne would work in partnership with Syndicate. The company has been listed on the Alternative Investment Market of the London Stock Exchange since 2005.

The acquisition would add an extra £200 million of funds under Ashcroft's management or advice and give them their first real presence in Scotland.

Pagan Osborne would retain its tax advisory service alongside its legal practice.

In its statement the firm said:

“If all goes according to plan we expect the transfer to become effective at the end of August 2008. Whilst Pagan Osborne has agreed in principle, it will only happen if it is ultimately to the benefit of our clients, staff, and the firm’s future. Until then, it is business as usual and clients have our continued commitment to our high standards of quality service and customer care.

“We will update you when a final agreement is in place and it is appropriate to do so.”

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