Liontrust Asset Management PLC

M&A Activity • Oct 15, 2013

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RNS Number : 4734Q

Liontrust Asset Management PLC

15 October 2013

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIERCTLY, TO US PERSONS, OR INTO THE UNITED STATES, OR INTO OR FROM CANADA OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL

Embargoed until 7.00 a.m. on 15 October 2013

Stock Exchange Announcement

LIONTRUST ASSET MANAGEMENT PLC

Liontrust recruits Multi-Asset team

Introduction

Liontrust Asset Management Plc ("Liontrust" or the "Company"), the specialist independent fund management group, today announces that it has entered into a conditional share purchase agreement (the "SPA") to purchase (the "Proposed Acquisition") the entire issued ordinary share capital of North Investment Partners Limited ("North") from the existing North shareholders. The Proposed Acquisition includes the highly rated fund manager, John Husselbee. John has an excellent pedigree and the funds and accounts that North manages have strong and consistent records. John will, on completion of the Proposed Acquisition ("Completion"), join Liontrust as Head of Multi-Asset.

North has been growing its Multi-Asset offering and joining Liontrust and having access to greater resources will enable this process of expansion to be accelerated. 

Paul Kim will join the new Multi-Asset team headed by John Husselbee as Senior Fund Manager, Multi-Asset, to enhance further its experience and expertise having managed discretionary portfolios and multi-manager funds for more than 30 years.

North will increase Liontrust's assets under management ("AuM") by approximately £123 million and will expand and diversify Liontrust's fund management and distribution capability, particularly among the broader adviser market seeking access to cost-effective bespoke portfolio management.

John Ions, Chief Executive of Liontrust, said: "North joining Liontrust fulfils our long stated objective of offering multi-asset fund management, is complementary to our existing strong investment management capability comprising an excellent range of single strategy funds and will expand our client base among intermediaries."

Information on North

North's AuM as at close of business on 11 October 2013 (being the latest practicable date prior to the date of this announcement) was approximately £123 million. As at 31 December 2012 North's gross assets were £453,000 and for the financial year ending 31 December 2012 its loss before tax was £427,000.

Details of the Acquisition

Under the terms of the SPA, the Company has conditionally agreed to acquire the entire issued ordinary share capital of North for £1.

The SPA, and therefore the Proposed Acquisition, is subject to the satisfaction of certain conditions. Liontrust expects Completion to take place before the end of October 2013.

For further information please contact:

Liontrust Asset Management                                                     020 7412 1700

John Ions, Vinay Abrol                                                                                  www.liontrust.co.uk

Simon Hildrey - Head of Marketing & Communications

Numis Securities Limited                                                             020 7260 1000

Charles Farquhar, Andrew Holloway

Background on John Husselbee, CEO of North

John Husselbee is one of the most highly regarded practitioners of multi asset, multi manager investing in the UK retail market. John was previously the Director of Multi Manager Investment at Henderson Global Investors, where he was responsible for portfolio construction and fund selection for a complete range of multi manager mutual fund portfolios and products, totalling over £650 million.

John has twenty three years' experience in running multi manager portfolios. He joined Henderson in 1996, from Rothschild's Asset Management where he was responsible for the launch and on-going management of their portfolio management service. John is a well-respected commentator within the UK mutual fund industry and sits on the selection committee for the prestigious Investment Week Fund Manager of the Year Awards.

Background on Paul Kim

Paul Kim has managed discretionary portfolios and multi-manager funds for more than 30 years. Paul was instrumental in setting up Investment Manager Selection Ltd ("IMS") with Richard Timberlake and Peter O'Connor in 1999 and the subsequent growth of the business. In 2008, IMS was bought by BNP Paribas and re-named Fundquest, with Paul being responsible for the management of IMS funds and client funds, including three for Aviva Investors.

In March 2011, Paul was appointed Head of Fund Selection and Multi-Manager at Liverpool Victoria Asset Management ("LVAM"), leaving LVAM in November 2011 when the business was sold. Paul has also managed discretionary portfolios and services at Capel Cure Myers, Sun Life Portfolio Counselling Services (AXA Sun Life), Christie Group Investment Management and Spencer Thornton Investment Management Services. 

Forward Looking Statements

This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and businesses and plans of Liontrust and its subsidiaries (the "Group"). These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that have not yet occurred. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. As a result, the Group's actual future financial condition, results of operations and business and plans may differ materially from the plans, goals and expectations expressed or implied by these forward-looking statements.  Liontrust undertakes no obligation publicly to update or revise forward-looking statements, except as may be required by applicable law and regulation (including the Listing Rules of the Financial Services Authority).  Nothing in this announcement should be construed as a profit forecast or be relied upon as a guide to future performance.

Other information

The release, publication, transmission or distribution of this announcement in, into or from jurisdictions other than the United Kingdom may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, transmitted or distributed should inform themselves about and observe such restrictions. In particular (but without limitation) this announcement is not for release, publication or distribution, directly or indirectly, to US persons, or into the United States, or into or from Canada or any other jurisdiction in which the same would be unlawful. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction.

ENDS

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