For immediate release:

                        Syndicate Asset Management plc                         

                        ("Syndicate" or "the Company")                         

                          Director/PDMR shareholding                           

Pursuant to the Placing and Open Offer, the following directors of the
Company have taken up their entitlements in the Open Offer at a price
of 1.5 pence each:

Director             Shares taken up in   Total number of O       Percentage of
                         the Open Offer  rdinary Shares now        issued share
                                                       held             capital
                                                                               
David Pinckney                  650,000           1,300,000                0.07
                                                                               
Jonathan Freeman                600,000           1,200,000                0.07
                                                                               
Jane Dumeresque*                133,164             277,488                0.02
                                                                               
Peter Dew                       100,000             200,000                0.01

* - includes ordinary shares held in the share incentive plan.

Further information:

Syndicate Asset Management plc

Jonathan Freeman (Group CEO) Tel: 020 7659 8060

Cenkos Securities plc

Stephen Keys/Julian Morse Tel: 020 7397 8900

GTH Communications

Toby Hall/Christian Pickel Tel: 020 7153 8039