Liontrust finalises £120m takeover of rival Majedie
Liontrust Asset Management has completed its £120m acquisition of smaller rival Majedie Asset Management.
Liontrust says the deal will add £5.2 billion to Liontrust’s assets under management and advice (AuMA), taking pro-forma Liontrust AuMA to £38.6 billion.
Liontrust is paying an initial £80m, with an additional £40m for excess NAV and deferred consideration.
The Liontrust brand will be applied to all Majedie’s UK, US, Global and International equity fund. Investment processes will remain the same.
Majedie’s institutional fund management team has also joined Liontrust and been renamed the Liontrust Global Fundamental team. It continues to be headed by James de Uphaugh.
Liontrust says there will be no change to the team’s existing high conviction investment process that will continue to be applied to the management of the Global Fundamental team’s funds and investment trust mandates.
John Ions, chief executive of Liontrust, said: "Majedie is a key acquisition in continuing to broaden Liontrust’s investment capability and distribution and enhancing further our client service.
"The investment managers are highly regarded with a long pedigree in managing UK and Global Equities for institutional clients. The success of the team, who have all moved to Liontrust, is demonstrated by the quality of their institutional mandates and the management of Edinburgh Investment Trust since March 2020."