Tatton Asset Management has bought financial adviser group Tenet’s fund arm, Sinfonia Asset Management.

Tatton will pay “up to” £2.7 million for Sinfonia, which will bring in an additional £135 million of assets under management, across five risk-targeted funds.

The payment comprises £2 million cash plus an extra £700,000 if specific targets are met two years after the deal’s completion.

Tenet and Tatton entered into a partnership in June whereby Tatton provides an MPS service to Tenet’s c...