UK - Specialist investment adviser Allenbridge has bought a 51% stake in independent pension trustee consultant EPIC Investment Advisers (EIA).

Commenting on the deal, Chris Edge, chief executive of EIA, said he will stay on as CEO of the new company Allenbridge EPIC Investment Advisers (AEIA):

"We are particularly looking forward to working closely with Allenbridge's highly-regarded hedge fund research team, adding to our knowledge of alternative asset classes," commented.

EIA is part of the EPIC Group which was taken over by Syndicate Asset Management (SAM) earlier this year when the asset manager's made its first major move into the institutional space.

SAM's chief executive John Morton explained to IPE the EIA board had felt in order to remain independent advisers it should not be part of Syndicate. Morton said Syndicate consented to sell its 51% stake in EIA to Allenbridge.

EIA currently advises pension funds with an accumulated asset value of £8bn (€11.7bn). The new company will be based in London's Mayfair with representative offices in Glasgow and Lancaster.

Peter Scales, former chief executive of the London Pensions Fund Authority (LPFA), joined EIA's investment panel in February.