Liontrust Asset Management has entered into a conditional sale and purchase agreement for the asset management arm of River Global.
The transaction will be paid entirely in Liontrust shares and values the business at £7.6m, excluding the European Opportunities Trust mandate. A further adjustment of up to £2.1m in shares may be paid depending on the final valuation of the trust mandate.
John Ions, chief executive officer of Liontrust, said: “The acquisition of River Global is an important step forward for Liontrust.
“River Global’s investment capabilities are complementary to Liontrust’s established processes and funds and combining them will create a stronger and broader platform for future growth.”
River Global is also expected to benefit from being part of an asset manager with scale, with its £2.7bn in assets under management and advice (AuMA) boosting Liontrust’s assets to £24.4bn.
Upon completion of the deal, River Global executive chair Martin Gilbert will join Liontrust’s board of directors as a non-executive director.
“River Global and Liontrust are two highly complementary businesses and it makes perfect sense to bring them together,” said Gilbert.
“Shareholders will benefit from the significant synergies this deal brings while our talented managers will fit well within Liontrust's wider team.”
River Global’s largest shareholders – representing 22.3% – have agreed to customary two-year lock-up arrangements, becoming committed shareholders in Liontrust.
Liontrust noted that the acquisition is expected to be earnings-accretive in the financial year ending March 2027 onwards.
Last month, European Opportunities Trust began a strategic review of its future, with the board considering a possible combination with another closed-ended fund, a cash exit at close to net asset value and a proposal from River Global for a rollover into a proposed open-ended investment company with a similar strategy.
Separately, River Global posted its results for the year ending 30 September 2025, noting the company generated £12.2m in revenue, down from £14.4m the precious year.