Liontrust Asset Management has announced that its shareholders have approved the proposed acquisition of GAM Holding AG.

At its latest general meeting, 84% of shareholders voting were in favour of the proposed acquisition.

UK-based Liontrust is a specialist fund manager which launched in 1995 and has previously listed on the London Stock Exchange. The group recently announced that its net flows in the year ending 31 March 2023 totalled £4.8bn, and its profits before tax totalled £87.1m, while its assets under management (AuM) had reached £31.4bn as of the end of Q1 2023.

GAM Investments is an independent, pure play asset management group headquartered in Zurich, with AuM totalling CHF 68bn (£61bn) as of Q2 2023.

“We have made a good and fair offer for GAM and believe it is in the best interests of the shareholders of both companies, as well as clients and employees, by providing a great platform for growth along with corporate and financial stability for GAM,” said chief executive of Liontrust, John Ions.

“The senior investment managers at GAM have previously publicly stated they support the Liontrust acquisition and now we have the declared support of Liontrust shareholders. We thank both for their confidence in us and the proposed acquisition.”

Liontrust’s confirmation follows the announcement by GAM that it has entered into agreements with Carne Group to sell its third-party fund management services business, providing more certainty for all stakeholders.

Ions added: “The proposed acquisition will create a global asset manager well positioned for long-term growth. The enlarged group will have greater investment talent; increased diversification of funds, asset classes and investment styles to offer more solutions to clients; broader distribution across the world; and the opportunity to realise synergies.

“Liontrust is committed to developing the enlarged group and having our European headquarters in Zurich. As an asset manager, Liontrust has the institutional experience and expertise to provide an excellent investment proposition and service to clients and realise the substantial potential growth of the enlarged company for the benefit of shareholders of both companies and all other stakeholders.”

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