Syndicate Asset Management, set up in March to put together asset management boutiques, is to float on the Alternative Investment Market this week, soon after making its first acquisition, Ashcourt Holdings.

No money will be raised through the float on London's junior market because Syndicate has £33m (€49m) in pre-initial public offering financing and plans to boost its war chest through borrowing. The purchase values Ashcourt, which manages or advises on £600m in assets, at £13m if outstanding share options are exercised.