Liontrust has agreed to acquire Majedie Asset Management for an initial consideration of £80 million including regulatory capital, plus up to £40 million for excess and NAV and deferred consideration.
The acquisition is expected to be completed in April 2022.
Following the acquisition, the Majedie Fund Management team will remain unchanged and continue to be headed by James de Uphaugh, as the team continues to manage their existing funds and portfolios using their current investment process. The team will be renamed the Liontrust Global Fundamental team.
Chief executive officer of Majedie, Rob Harris, will join Lointrust as head of global institutional business.
Following competition of the transaction, the Liontrust brand will be used for all Majedie’s UK, US, global and international equity funds.
Liontrust’s pro forma assets under management (AuMA) will increase by £5.8 billion to over £42.3 billion, bolstering the company’s current institutional proposition.
The combination of Majedie’s investment funds with Liontrust’s sales, marketing and brand among wealth managers and financial advisors, is said to boost further Liontrust’s combined position in the market.
“Majedie is an important acquisition for Liontrust because of its strong presence and reputation in the institutional market,” said John Ions, chief executive of Liontrust.
“Liontrust has been increasing our number of institutional clients and the purchase of Majedie will hasten this expansion by enhancing our investment capability and client service credentials.”