Liontrust to acquire GAM Holding AG

                                                        

Liontrust to acquire GAM Holding AG

London/Zurich, 4 May 2023

Liontrust, the specialist fund management group, today announces that it has conditionally agreed to acquire the entire issued share capital of GAM Holding AG (GAM), a global investment management firm with GAM’s Investment Management division having AuMA of CHF 23.3 billion (£20.9 billion) as at 31 March 2023.

Highlights

• Creates a global asset manager with £53 billion in AuMA on a pro forma basis¹;
  
  
• Accelerates the development of Liontrust by meeting all seven of our strategic objectives²;
  
  
• The Proposed Acquisition, before transaction and re-organisation costs, is expected to be significantly earnings enhancing with regards to adjusted diluted earnings per share for the financial year ending 31 March 2025 (being the first full year post-completion) and in future years;
  
  
• The Consideration will be satisfied by the issue of 9.4 million new ordinary shares in Liontrust, and it is expected that GAM shareholders will own approximately 12.6 per cent. of the combined group on Completion; and
  
  
• The Proposed Acquisition is expected to complete in the 4^th quarter of 2023
  
  

Expands product

• Broadens Liontrust’s fund range and asset classes, including in fixed income, thematic equities and alternatives. This provides a platform for growth by providing enhanced client solutions globally and reduces the correlation of returns across the fund range through increased diversification;
  
  
• Twelve funds will have assets of more than £1 billion (seven managed by Liontrust and five by GAM) and both asset managers have a heritage of responsible investing;
  
  

Strengthens distribution

• Expands distribution globally, with 62% of GAM’s AuMA sourced from continental Europe while Liontrust is a leading asset manager in the UK with the 6^th strongest brand (Source: Broadridge);
  
  
• Increases Liontrust’s physical presence in Europe, including a long history in Switzerland, and provides offices in Asia and the US and therefore a platform for expansion in those areas;
  
  
• Creates a broader client base for the combined group’s funds globally and benefits from the existing strong relationships with distributors of both asset managers;