Liontrust has entered into an asset purchase agreement with Hawksmoor Investment Management to buy its fund management and model portfolio services.
The deal will see Liontrust buy the business arms for an initial cash payment of £6m, plus two contingent payments of up to £2m, which will be due 12 months and 24 months respectively after completion and subject to ongoing revenues.
The deal will add approximately £1.9bn in assets under management and advice through model portfolio services, multi-asset funds and fund mandates.
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Ben Conway (pictured), CIO and head of fund management at Hawksmoor, will continue to manage fund mandates and the funds bought by Liontrust, as part of the firm’s multi-asset team. This will include Hawksmoor’s Vanbrugh, Distribution and Global Opportunities funds.
John Ions, CEO of Liontrust, said: “Hawksmoor is a really strong addition to the multi-asset capability that we have developed over the past few years. Through their complementary funds and portfolios, managed by the teams headed by Ben Conway and Richard Philbin, they enable Liontrust to offer an even wider range of investment solutions to cater for the demand across the adviser market, including the expansion of our coverage of investment trusts and alternatives.”
Paul Feeney, chief executive officer of Shackleton, Hawksmoor’s parent company, said: “Hawksmoor’s funds management and investment solutions businesses have great potential to grow, with talented people and an attractive proposition for financial advisers.
“Shackleton wanted to find a home that could offer the support and environment to help the business flourish, and we know Liontrust provides this.
“We want to thank everyone at HFM and HIS for their tremendous commitment and contribution and look forward to their future development.”
