15th Oct 2013 08:54
LONDON (Alliance News) - Liontrust Asset Management PLC Tuesday said it has conditionally agreed to acquire North Investment Partners Limited in a deal that includes the highly rated fund manager, John Husselbee, who will join Liontrust as its new Head of Multi-Asset upon completion of the deal.
Liontrust has conditionally agreed to acquire the entire issued share capital of North for GBP1.0 and is expected to go through before the end of October.
The deal for North will increase Liontrust's assets under management by approximately GBP123 million and the trust said it also expects the deal to expand and diversify its fund management and distribution capability, particularly among the broader adviser market seeking access to cost-effective bespoke portfolio management.
Liontrust said the funds and accounts that North manages have strong and consistent records.
"North joining Liontrust fulfils our long stated objective of offering multi-asset fund management, is complementary to our existing strong investment management capability comprising an excellent range of single strategy funds and will expand our client base among intermediaries," John Ions, chief executive, said in a statement.
John Husselbee, who has 23 years' experience in running multi manager portfolios, is the chief executive of North, having joined from Henderson Global Investors. Prior to that, he worked for Rothschild's Asset Management.
A multi-asset class is a combination of asset classes, such as cash, equity or bonds, used as an investment.
Liontrust shares were Tuesday quoted at 221 pence, down 0.50 pence, or 0.2%.
By Samuel Agini; [email protected]; @samuelagini
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