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Summit Asset Management Sells Leasing Arm to UK Unit of SQN.


5 March 2015 - UK-based leasing solutions company Summit Asset Management Ltd. has sold its leasing division to SQN Capital Management Ltd., the company said on Thursday.

SQN is the UK arm of SQN Capital Management, LLC of New York, an independent multi-strategy asset and fund manager and registered investment adviser to institutional investors.

This completes the integration of the two companies' partnership, which began in 2007 with the establishment of SQN Capital Management, LLC as a joint venture.

Summit Asset Management's investment portfolio will now be operated under the SQN brand with the same team continuing to manage the company's UK listed fund - SQN Asset Finance Income Fund Ltd. - to which Summit had previously been the sub-investment manager.

Neil Roberts, Summit's Managing director and a co-founder of SQN Capital Management, LLC, has been appointed managing director of SQN Capital Management and chairman of SQN Capital Management, LLC in the United States.

After launching the UK's first listed diversified equipment lease and asset finance investment fund on the Main Market of the London Stock Exchange seven months ago, with a GBP 150m fundraising, this merger is Roberts' latest move to expand the capital base and the range of financing products offered to customers.

Through the US fund manager, Roberts will now have access to US retail public and private funds, insurance accounts, and institutional managed accounts as well as a full service broker/dealer.

Country: UK

Sector: Banking/Financial Services

Target: Summit Asset Management/Leasing Unit

Buyer: SQN Capital Management Ltd

Vendor: Summit Asset Management Ltd

Deal size in USD:

Type: Divestment


Status: Closed

Buyer advisor: , ,


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Publication:M & A Navigator
Geographic Code:4EUUK
Date:Mar 5, 2015
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