Liontrust Asset Management (LSE:LIO), the independent active fund manager, has agreed to acquire the asset management business of River Global PLC in an all-share deal worth up to £9.7 million.
The transaction will add £2.7 billion in assets under management to Liontrust's existing £21.7 billion, taking the combined group's pro forma total to £24.4 billion.
Liontrust is acquiring River Global Holdings Limited, which was formed by bringing together River & Mercantile Asset Management, SVM Asset Management and Saracen Fund Managers, and specialises in long-only equity strategies across UK, Indian and global markets.
The consideration comprises £7.6 million in new Liontrust shares, plus a contingent payment of up to £2.1 million in shares tied to the conversion of the European Opportunities Trust mandate into an open-ended fund.
Martin Gilbert, executive chairman of River Global, will join the Liontrust board as a non-executive director on completion.
Liontrust chief executive John Ions said the deal would diversify the group's investment styles and client base, and provide River Global's fund managers with broader distribution in the UK and internationally.
The deal excludes River Global's stake in the Parmenion fund platform.
Completion is subject to regulatory approvals and a vote by River Global shareholders, and is expected by 31 August 2026.
Liontrust said the acquisition is expected to be earnings-accretive in the financial year ending March 2027, and materially accretive in subsequent years.