UK lessor Summit Asset Management Ltd has sold its leasing division to the UK-arm of asset and fund manager SQN Capital Management.
This transaction completes the merger of the two companies which began in 2007 with the establishment of SQN Capital Management, LLC as a joint venture.
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Summit Asset Management’s investment portfolio will now be operated under the SQN brand.
Following the completion of the merger, Neil Roberts -Summit’s managing director and a co-founder of SQN Capital Management, LLC – has been appointed managing director and chairman of the latter in the United States.
The group commenced trading with the initial public offering (IPO) of the SQN Asset Finance Income Fund targeting £150m on the main market of the London Stock Exchange last July. The fund reached its target and Leasing Life understands demand was oversubscribed by around a third of the £150m target. In the period to the end of the year, the group invested £72m of its SQN Asset Finance Income Fund, consisting of a diversified portfolio of asset and equipment financings.
During the interim period, 28 May 2014 to 31 December 2014, the company recorded profits of £1.87m. At the end of last year, the company’s total net asset value reached £148.38m.
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By GlobalDataYou can read more about the performance of the first listed leasing fund on the LSE in this month’s Leasing Life?.
