SUMMIT TAKES 25% INTEREST IN SQN CAPITAL MANAGEMENT 09/02/2015
The Summit Group announces that the asset finance business of its subsidiary Summit Asset Management Ltd has merged with the UK business of SQN Capital Management, LLC (“SQN”) on terms which result in Summit Asset Management becoming entitled to a 25% interest in SQN.
In July 2014 SQN and Summit Asset Management launched the £150m Fund, SQN Asset Finance Income Fund Limited, which is fully listed on the London Stock Exchange. The Fund invests in business-essential, revenue- producing (or cost-saving) equipment and other assets with high in-place value and long economic life relative to the investment term. As at 22nd January 2015 SQN had approved and/or committed to funding transactions totaling £140.6m, representing 93.7% of capital raised at IPO. The average projected cash yield on investments made to that date was 9.8%.
SQN’S UK subsidiary, SQN Capital Management (UK) Limited, was the asset manager and Summit Asset Management was sub-manager of this fund and these activities have now been merged.
Headquartered in New York City, SQN is an independent asset manager and registered investment advisor specialising in alternative investments. SQN provides financing for capital asset intensive operations across a diverse array of industries including agricultural, energy, environmental, manufacturing, medical, technology, and transportation industries. SQN is regulated by the SEC and has total funds under management and advisement approaching $1 billion.
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