North’s chief executive, John Husselbee, will become head of the new Liontrust multi-asset team, with Paul Kim joining as a senior fund manager. Both are expected to join officially by the end of October.
Investment required
Talking to Ions, Liontrust has bought North IP’s £125m assets under management for a nominal figure (£1), allowing North IP to move into the Liontrust stable.
Of the acquisition, he said: “North has doubled its assets in the past year though it realised the investment required to continue to grow is substantial, particularly for a small business.”
Its attraction for Ions is the opportunity it gives Liontrust to enter the multi-asset market, thereby continuing the strategy of bringing in the right people at the right time with the right client proposition.
The purchase and subsequent integration of Walker Crips Asset Management 18 months ago is another good example of its success, as is its acquisition of emerging market specialist Occam in 2011.
Husselbee and Kim have a wealth of experience as multi-asset investors with 23 and 30 years respectively in this industry. Husselbee’s CV includes time with Henderson and Rothschild before founding discretionary business North IP in 2005.
Kim made his name setting up and managing multi-asset money at IMS with Richard Timberlake and Peter O’Connor in 1999, before moving on to LV= via BNP Paribas (on its acquisition of IMS). He has been an independent investment consultant since the end of 2011.
More to come
Husselbee said: “The infrastructure at Liontrust will enable me to spend even more time running money rather than managing a business. It is very important for us to join a company that is increasing assets under management and has clear plans for how it will continue its expansion in the future. Being part of Liontrust will make the task of recruiting and retaining key staff much easier, as shown already by Paul Kim’s decision to join the team."
Initially, the whole of the North IP business will move across to Liontrust, including its clients, its assets under management, its discretionary and third-party multi-asset funds, and its back office staff, systems and processes.
The two Boards have approved the move, the FCA’s change of control approval is on its way, and Ions confirmed that in a week there will be a further announcement about how the two businesses will fit together.
