Liontrust agrees acquisition of River Global’s asset management arm

Liontrust has agreed to acquire River Global’s asset management business in an all-share deal worth up to £9.7m.

The proposal to acquire the entire issued share capital of River Global Holdings Limited, the holding company for River Global plc’s asset management arm, consists of an all-share consideration of £7.6m representing the value of the business excluding the European Opportunities Trust (EOT) mandate, plus an adjustment figure relating to the EOT mandate of up to £2.1m in share consideration.

Liontrust said River Global Holdings would provide complementary capabilities, investment styles and products to meet client demand.

The deal will also broaden Liontrust’s client base, including with new investment trusts and strategic partners.

River Global plc executive chair, Martin Gilbert, will join Liontrust’s board of directors at completion as a non-executive director.

Liontrust said that as the focus of the proposed acquisition was on investment capabilities, the integration will be expedited, and that its client base and investment capabilities would not be disrupted.

River Global Holding’s assets under management and advice (AUMA) total £2.7bn, as at 27 February 2026.

The addition of this to Liontrust’s AUMA would take pro forma AUMA to £24.4bn.

The proposed acquisition is expected to be accretive in the financial year ending 31 March 2027 and materially accretive in future years.

Through the distribution of consideration and adjustment shares by River Global plc, their shareholders were expected to become shareholders in Liontrust.

River Global plc’s largest shareholders, representing 22.3 per cent, have agreed to customary two-year lock up arrangements, becoming committed shareholders in Liontrust.

“The acquisition of River Global is an important step forward for Liontrust,” commented Liontrust chief executive officer, John Ions.

“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.”

River Global plc executive chair, Martin Gilbert, added: “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.

“I would like to thank the River Global team for all they have done over the past four years to develop the business and look forward to becoming a non-executive director on the Liontrust board to be with them for the next stage of the journey.”

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