Liontrust has agreed to purchase Majedie Asset Management in a deal worth up to £120m, with Majedie’s CEO Rob Harris set to join the firm as head of global institutional business.
The acquisition - which will be for an initial consideration of £80m including regulatory capital, plus up to £40m for excess NAV - will boost Liontrust's assets under management by £5.8bn to more than £42.3bn and significantly increase its institutional capabilities, according to the firm. Majedie Fund Management will remain unchanged under CIO and chair James de Uphaugh, though it will be renamed the Liontrust Global Fundamental team. Liontrust's share price reacted positively to the news, having risen by 2.25 in the first 20 minutes of trading. Liontrust merges US Income and Gl...
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