River Global has agreed to sell its asset management business to Liontrust Asset Management in a deal valued at up to £9.7m.
Under the agreement, Liontrust will acquire the entire issued share capital of River Global Holdings, the holding company for River Global’s asset management operations. The transaction includes an initial consideration of £7.6m payable in Liontrust shares, with a further £2.1m in shares dependent on revenue targets being met within 12 months of completion.
River Global said it intends to distribute the Liontrust consideration shares to its A ordinary shareholders on a pro-rata basis following completion, with any additional adjustment shares distributed at a later date.
River Global said the deal would allow its investment capabilities to be integrated into Liontrust’s wider platform, giving its funds access to stronger marketing and distribution resources within a larger asset management group.
Martin Gilbert, River Global’s chairman, will join the Liontrust board as a non-executive director following completion. Directors Martin Gilbert and Christopher Mills, who together control 22.3% of River Global’s issued share capital, have also committed to vote in favour of the deal and retain their Liontrust shares for at least two years.
The transaction remains subject to shareholder approvals, including approval from the UK’s Financial Conduct Authority for the change of control of regulated entities. The companies expect the deal to complete by no later than 31 August 2026.
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Following completion, River Global said it will focus on maximising value from its remaining assets, including its 30% stake in investment platform Parmenion.
Gilbert said: “River Global and Liontrust are two highly complementary businesses and it makes perfect sense to bring them together. River Global and its shareholders, clients and people will benefit immediately from becoming part of a wider group, with powerful distribution and marketing resources that will accelerate the inflows we are seeing into our funds as well as broader all-round growth opportunities. Shareholders will benefit from the significant synergies this deal brings while our talented managers will fit well within Liontrust’s wider team.”
John Ions, CEO of Liontrust, said: “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. The enlarged business will diversify products, performance and the client base. River Global fund managers will benefit from Liontrust’s brand and distribution that will provide them with a broader route to market both in the UK and internationally. Clients will benefit from Liontrust’s market-leading service and the investment we have made in recent years in our operating model to ensure the integration is as smooth and quick as possible. The appointment of Martin Gilbert as a non-executive director further strengthens the Board, and we believe that he will be able to bring Liontrust new global client relationships.”
