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Fund management specialist Syndicate Asset Management (SAM) has completed its ninth acquisition in just over two years.

SAM has added Essex-based Independent Financial Solutions (IFS), a pensions and investment adviser, to its portfolio after agreeing to pay £4 million for the business.

The deal was completed through SAM’s Ashcourt Holdings subsidiary, one of its five operating companies. It paid £2.1 million in cash on completion with the balance due in loan notes in the next two years.

The loan notes will be exchanged for cash six months after they are issued and will be valued depending on the size of IFS’ turnover.

SAM chief executive John Morton said this deal is part of the group’s ongoing plan to expand its business through acquisitions.

Following this latest deal SAM employs more than 300 staff, managing or advising on assets worth around £6 billion.

The acquired business, which made a £325,000 pre-tax profit in the year to last September, will become part of Ashcourt’s advisory operation, Ashcourt Financial Planning.

SAM’s subsidiaries include investment managers Epic and Savoy as well as wealth management company Rowan. Last year the company bought the Guernsey-based assets of Insight, which led to the establishment of offshore fund management company Zenith.

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