BNP Paribas Cardif, the insurance business of BNP Paribas, after having directly proceeded to the proposed transaction as principal, would have the opportunity to rely on this platform for the management of up to EUR160 billion of its savings and insurance assets.

The bank writes that, with the combined contribution of BNP Paribas’ asset management platforms, the newly formed business, whose total assets under management would amount to EUR 1,500 billion, would become a leading European player in the sector.

“Specifically, it would become the European leading player in the management of long-term savings assets for insurers as well as pension funds, with EUR850 billion of assets, leveraging powerful platforms of public and private assets. The acquisition would also allow the combined businesses to benefit from AXA IM Alternatives’ leading market position and track record in private assets which will drive further growth with both institutional and retail investors,” the statement says.

The agreed price for the acquisition and the set-up of the partnership is of EUR5.1 billion at closing, expected mid-2025.

With a CET1 impact of circa 25 bp for BNP Paribas, the expected return on invested capital of the transaction would be above 18 per cent as soon as the 3rd year, following the end of the integration process, the bank says.

The signing of the proposed transaction, expected by the end of the year, is subject to the information process and consultation of the employees’ representative bodies. The closing of the transaction is expected by mid-2025 once regulatory approvals have been obtained.

“This project would position BNP Paribas as a leading European player in long-term asset management. Benefiting from a critical size in public and alternative assets, BNP Paribas would serve its customer base of insurers, pension funds, banking networks and distributors more efficiently. The strategic partnership entered into with AXA, the cornerstone of this project, confirms the ability of both our groups to join forces. This major project, which would drive our growth over the long-term, would represent a powerful engine of growth for our Group.” says Jean-Laurent Bonnafé, Director and CEO, BNP Paribas.

“AXA Investment Managers has been a homegrown success story for the AXA Group. Over the past 25 years, we have built an exceptional franchise anchored in investment expertise, a relentless client focus and a proven track record on sustainability. Thanks to the quality of its teams, AXA IM is today a leading player, notably in Alternatives in Europe.” says Thomas Buberl, CEO of AXA. “By joining forces with BNP Paribas, AXA IM would become a global asset manager with a wider product offering and a mutual objective to further their leading position in responsible investing. I would like to thank all AXA IM employees for their unwavering commitment, and their continued focus on delivering value for our clients.”

“The creation, within the Investment & Protection Services (IPS) division of the BNP Paribas Group, of a European leader in the management of long-term insurance and savings assets, would enable the IPS division to exceed EUR2 trillion of assets entrusted by its clients. This operation would allow BNP Paribas Cardif to benefit from premium access to the services of an asset management expert on the asset classes required for insurance management. The combined expertise of the BNP Paribas Asset Management and AXA IM teams in public and private assets, as well as their leadership in sustainability, would be valuable assets to better meet future needs of clients,” says Renaud Dumora, Deputy Chief Operating Officer, Investment & Protection Services, BNP Paribas.

Johann Scholtz, Senior Equity Analyst and banking expert at Morningstar, commented on the deal, saying: “BNP Paribas has agreed to acquire AXA Investment Management for EUR 5.1 billion in cash. While this values AXA IM at 14 times its earnings over the last 12 months—a premium compared to peers like Amundi and Schroders—strategically, the deal makes sense.

“AXA IM’s expertise in alternative assets will compliment BNP’s asset management, investment banking, and wealth management services. Although the acquisition will only boost our 2024 earnings estimate for BNP by around 5 per cent, it offers significant revenue synergies. BNP’s high-net-worth and institutional clients are likely to be very interested in AXA IM’s alternative assets, particularly its EUR 218 billion in real estate and private debt assets. Despite using up most of BNP’s excess capital and ruling out future share buybacks, the acquisition is a strategic move, given AXA IM’s potential for steady earnings growth.”

Founded in 2002, 7IM is a wealth and investment manager that manages approximately GBP23 billion of assets on behalf of more than 2,300 financial advisory firms and approximately 10,000 private wealth clients across the UK. 

The firm writes that investment from Ontario Teachers’ will allow 7IM to accelerate its strategic growth plans, which will focus on a combination of organic growth and selective M&A.

Underpinning 7IM’s growth plans is an ongoing commitment to enhance its core capabilities and services for 7IM’s customers and clients. In particular, 7IM will continue to innovate and develop its award-winning proprietary platform technology, multi-asset investment management capabilities, and advisory credentials for UK financial advisers and private wealth clients.

As part of the acquisition, the firm writes that Ontario Teachers’ will continue to back 7IM’s leadership under Chief Executive Officer Dean Proctor.

Dean Proctor, CEO at 7IM, says: “We’re incredibly excited to be starting a new chapter in 7IM’s history.  After two decades of growth, where we have grown from a challenger brand to an established name, now is the perfect time to start working with our new investment partner whose scale and capability can help support us in our ambitious next phase of growth. 

“One of the key attractions of our partnership with Ontario Teachers’ is not only its deep support of the team and our strategy, but also its culture of partnership – something which is very much at the heart of our 7IM culture.

“While we have ambitious growth plans, we remain fully committed to our ongoing investment in innovation, technology and our people, so that we can continue support our vision of delivering an unrivalled experience for both advisers and clients. 

“With the support of Ontario Teachers’, we look forward to fulfilling our strategic ambitions and further cementing our position as one of the leading vertically integrated wealth management businesses in the UK.”

The firm writes that the transaction supports Aubrey’s enduring commitment to deliver actively managed portfolios for its clients. Aubrey will remain a majority employee-owned business and its main shareholders and founders will remain in the business. The firm will retain its Edinburgh head office, with an additional office in London.

This is an important agreement for LarrainVial, as it will facilitate the business strengthening its capabilities in emerging markets, thanks to the expertise of Aubrey and its team, the announcement says. The agreement also opens opportunities for LVAM and Aubrey to expand their strategies into new markets, broadening the client base for both businesses.

Andrew Ward, Chief Executive Officer of Aubrey Capital Management, says: “This is an extremely positive step for both firms that will result in a sharing and deepening of investment expertise and better access to distribution capability in the UK, US, Latin America and Europe.”

Ladislao Larrain, Chief Executive Officer of LarrainVial Asset Management, says: “It is very important for us to participate in the ownership of Aubrey, as it allows us to approach new markets and strengthen our international presence with a leading fund manager with almost 20 years of experience and an expert team in Emerging Markets.”

Once the transition is completed, expected in the beginning of 2024, the fund will be co-branded and continue to be distributed by GAM, with IVCT also distributing the fund through its client channels. There will be no impact to GAM clients who will continue to be invested in a fund with a strong track record. The partnership with IVCT will also explore other opportunities for collaboration between GAM and IVCT.

GAM will be launching its Private Shares strategy into the European market and in the UK for Q1 2024. The Private Shares Strategy is a late-stage venture capital strategy, managed by established US private markets group, Liberty Street Advisors. The strategy provides access to a diversified portfolio of leading privately owned companies that are in the final non-public funding rounds. The strategy was recently named emerging fund of the year by Financial Newswire in Australia.

Client engagement regarding the commitment from long-term anchor investor NJJ Holding SAS, the investment holding company of Xavier Niel, has been positive and provides a strong platform for future growth, the firm says.

Elmar Zumbuehl, CEO of GAM says: “I am looking forward to working closely with our new partners at IVCT, and launching the Private Shares strategy in Europe and the UK. I would also like to thank the investment teams for their excellent work and ensuring that there is a seamless transition for clients. We are pleased that clients have responded positively to the commitment from our long-term investor NJJ.”

BAE Systems’ in-house investment management team will join Goldman Sachs Asset Management and continue to provide investment services to the Schemes. It is expected that the asset management and team transition to Goldman Sachs Asset Management will take place towards the end of 2023.

Goldman Sachs Asset Management writes that the agreement offers continuity to the Trustees, who will benefit from the global investment capabilities of Goldman Sachs across public and private markets, whilst maintaining the expertise of the existing in-house team. The agreement is expected to deliver performance and cost benefits for the Schemes through the greater scale and efficiency that Goldman Sachs can achieve as one of the world’s leading asset managers with more than GBP2.1 (USD2.7) trillion in assets under supervision.

The agreement reflects the continued evolution of the UK pensions market and is the largest Outsourced Chief Investment Officer (OCIO) appointment in the UK to date, Goldman Sachs Asset Management writes.

The Trustees’ decision to appoint Goldman Sachs Asset Management follows a highly competitive tender process, the firm says.

Goldman Sachs Asset Management writes that the appointment affirms its position as the second largest OCIO manager globally and one of the largest in the UK, with global OCIO assets under supervision of more than GBP200 billion. 

The firm writes that it has proven capabilities in liability driven investing (“LDI”), cashflow driven investing (“CDI”), sustainable investing, external manager selection and private markets. The mandate also expands Goldman Sachs Asset Management’s position in the UK LDI and CDI markets, adding to the approximately GBP175 billion managed by the firm globally in LDI and CDI portfolios.

David Solomon, Chief Executive Officer of Goldman Sachs, says: “We are proud to partner with BAE Systems and the Trustees to deliver this long-term solution, which brings the full capabilities of Goldman Sachs to the benefit of BAE Systems’ Pension Schemes.”

Marc Nachmann, Global Head of Asset & Wealth Management at Goldman Sachs, says: “As we focus on growing our Asset Management business and footprint for the benefit of our clients globally, this mandate reflects the extensive and unique capabilities of our business to navigate increasingly complex market cycles across public and private markets and our long-term commitment to supporting our clients.”

Ed Francis, Head of UK Fiduciary Management at Goldman Sachs Asset Management, says: “This partnership underscores our deep commitment to the UK pensions market and reflects our position as a leading provider of solutions for pensions and institutional clients across Europe. We are pleased to welcome the team to Goldman Sachs – their expertise will continue to provide significant value to the Schemes and our broader client base.”

Andrew Gallagher, Chair of Trustees for the BAE Systems Pension Scheme and BAE Systems Executive Pension Scheme, says: “The in-house management team has delivered excellent stewardship of the Schemes’ bespoke investment strategies over many years. We are delighted that this agreement with Goldman Sachs Asset Management brings together both the expertise of our in-house team and the full capabilities of Goldman Sachs and we look forward to working together to continue to provide long-term value for our members.”

Brad Greve, Group Finance Director, BAE Systems, says: “Through proactive actions of BAE Systems plc, in our role as scheme sponsor, the Trustees and the excellent work of our in-house investment management team, the pension funding level has moved from a significant deficit to a surplus. As we continue to look at ways to further de-risk pension liabilities, reducing the cost and improving the efficiency of asset management are essential. Goldman Sachs Asset Management will offer both and we’re pleased that our in-house team will have access to the broader career paths available within such a global leader. This move doesn’t limit BAE Systems’ flexibility in exploring further ways of reducing our pension risk and we’ll continue to be dynamic in managing this risk going forward.”

The IA and Fundipedia have a history of collaboration.  Fundipedia was selected as a member of the IA Engine, the IA’s FinTech accelerator in 2020.  Fundipedia and the IA also partnered to create the Common ShareClass Register. The association writes that this latest project underscores both firm’s commitment to innovation and efficiency across the industry.

The association adds that Fundipedia has a reputation for consistently responding to client’s needs and industry demands.  Fundipedia’s innovative data management software is trusted across the industry, including by major providers such as HSBC, LGIM, and M&G.  With a growing international reputation for quality and value, Fundipedia has a proven record of innovation and adaptability to future changes.

The partnership between the IA and Fundipedia will deliver increased data flexibility, allowing IA members to share more data without disrupting current data flows. Automated data collection will eliminate manual oversight required by the IA, resulting in a more streamlined and efficient process.

Additionally, Fundipedia’s flexible reporting module will allow each IA member to create custom reports and dashboards that align with their unique requirements, thus lifting limitations on hard-coded reports present in the current ECHOWeb solution, while maintaining compatibility with existing reports.

As part of this initiative, Fundipedia will engage with the IA and its members to explore additional services and efficiencies that can be achieved following the initial launch.

Jack Knight, Deputy Chief Executive of the Investment Association, says:  “I am pleased to see the expansion of our relationship with Fundipedia, an alumni of IA Engine’s fintech accelerator programme. The partnership will bring together our expertise in fund collection and reporting with Fundipedia’s automated data management solution, and we look forward to seeing the positive impact of Fundipedia’s services on the IA and our member firms over the coming months.”

Simon Swords, Managing Director, Fundipedia, says: “Our proven track record in service reliability and commitment to our clients and the wider industry is something we take great pride in.  With our proposed solution, the IA will replace the incumbent system and gain added value through a suite of enhanced data collection and reporting features that will benefit all 200+ members.”

“This is a huge step on a journey Fundipedia started in 2007 to improve data management across the asset management industry by streamlining how data is managed and leveraged.  We are incredibly excited to go on this journey with both the IA and its member firms.”

The firm writes that the transaction reinforces SEI’s focus on the use of strategic transactions to accelerate growth, and it enhances SIEL’s competitive market presence and defined contribution proposition for employers and pension scheme members.  

Wayne Withrow, Head of Global Asset Management at SEI, says: “As we continue our global focus on investing in three key strategic areas of talent, culture, and growth, this opportunity reinforces our commitment to the UK region while increasing our competitive presence in the defined contribution market. We’ve identified the master trust business as an opportunity for SIEL to participate in a high-growth area of the pensions industry. This builds upon our purchase of the Atlas Master Trust in 2021, which marked the beginning of our execution on an inorganic growth strategy to acquire assets and increase our market presence in this segment. We believe that adding the National Pensions Trust further enhances that foundation from which we seek to achieve scale and drive growth.”

The total cash consideration payable to XPS for Nexus is up to GBP42.5 million, comprised of a GBP35 million initial consideration paid at closing and deferred consideration of up to GBP7.5 million that may be earned over two years after the closing, subject to the achievement of certain post-closing performance measurements. The transaction is expected to close before year end, subject to applicable regulatory approval and other customary closing conditions.

SEI writes that, founded in 2009, NPT is a leading master trust in the UK with over 60,000 members and GBP1.4 billion in assets. Total combined assets of NPT and the SEI Master Trust, one of the first commercial master trust providers in the UK, will be approximately GBP3.4 billion. SIEL will welcome nine employees to its institutional business, and one of the NPT trustees will join SEI Trustees Limited.

The deal also creates a long-term strategic partnership between XPS and SIEL, in which XPS will continue to support the NPT with pensions administration and consultancy to help ensure continuity of service to members and clients, as well as provide wider support to the SEI Master Trust in the future. 

Paul Cuff, Co-CEO of XPS Pensions Group, says: “We are delighted to reach this agreement with SIEL to benefit our clients and their members with a market-leading master trust. This is an exciting journey, and with this strategic partnership, both organisations will continue to bring the best of what we each do.”

Steve Charlton, Managing Director of Defined Contribution, EMEA and Asia, for SEI’s Institutional business, adds: “As we continue to expand the SEI Master Trust, we are well-positioned to provide the premier service, investment management, and technology solutions for our members. Our expertise—combined with the addition of XPS’ high-quality pension administration services—will further enable us to deliver improved member outcomes. We look forward to welcoming the National Pensions Trust clients, members, and team, so we can build upon both of our success.”

The firm writes that the “index-linked investments” market, valued at USD17 trillion today, is evolving rapidly with assets expected to reach USD30 trillion by 2027.  This growth continues to accelerate demand for customisation, flexibility, scale and speed to market, driving the transformation of traditional passive investing and raising the need for state-of-the-art technology and computational capabilities, the firm says.       

MerQube’s cloud native SaaS platform and API-first solutions are designed and built to address and unlock this unmet demand, the firm writes, adding that its data ingestion framework and building block approach creates the unique computational agility required to process extensive amounts of data from a vast array of sources, and deliver cost-effective, rapidly implemented solutions.

“We are thrilled to welcome Intel Capital and Allianz Life Ventures as investors”, says Vinit Srivastava, CEO at MerQube.  “The support of a leading technology V.C. firm such as Intel Capital will be instrumental as we deliver on our vision to close the fintech gap in passive investing by providing the best technology available to enable innovative rules-based investment solutions.  The participation of a powerhouse such as Allianz Life Ventures will provide strategic direction in the insurance market as we continue to expand to meet the needs of a diverse client base.” 

“The surging market demand for sophisticated tailored indices can be effectively delivered by a cloud-based and API-centric architecture,” says Sunil Kurkure, Managing Director at Intel Capital. “We believe the next wave of innovation in rules-based investing will be driven by customization at scale to meet diverse investor requirements and drive cost efficiency. MerQube’s technology puts it in a unique position to deliver the solutions this trend will require.  Intel Capital is delighted to collaborate with MerQube on this next phase of their journey.”

In May 2023, MerQube received FCA authorisation under Benchmarks Regulation (BMR) and in September 2022, it confirmed its adherence to International Organization of Securities Commissions (IOSCO) principles for Financial Benchmarks. MerQube’s other recent accomplishments have included assuming calculation and administration services for the UBS CMCI index family, a family of 1,100+ of UBS’s most innovative commodity indices. MerQube is also the benchmark provider for most of the defined outcome ETFs issued in the USA.                            

MerQube plans to utilise the funds raised to further expand its engineering capabilities and platform infrastructure, scale its talent, and continue to expand into its key markets.

In January, 2020, Vinit Srivastava, co-founder of MerQube, was interviewed for an ETF Express ETF Innovators’ piece: MerQube: Challenging the status quo 

“This year has seen continued high demand for private credit solutions as other sources of finance have become more scarce. The ability to originate loans directly with companies gives us a unique insight into the condition of middle-market companies, and it’s clear that the need for private credit is significant and growing,” says Matt Douglass, senior managing director and head of PGIM Private Capital. “In spite of volatile markets and a challenging macroeconomic background, our teams’ experience through multiple credit cycles and a stable capital base has allowed us to both be a reliable source of capital for businesses worldwide and provide quality investment opportunities for our investors.”

First-Half 2023 Highlights:

USD4.5 billion of investment-grade investments, USD1.8 billion of below-investment-grade investments, USD352 million of mezzanine and private equity investments.

51 new issuers across a range of industries added to the portfolio and 78 existing borrower companies returned for further funding.

USD3.7 billion in Global Corporate Finance investments across North America, the U.K., Europe, Latin America and Australasia.

USD1.9 billion in real assets sectors, including energy, power, infrastructure, credit tenant lease financing, and structured credit.

USD352 million of mezzanine investments including two new energy platforms through PGIM Energy Partners, PGIM Private Capital’s middle-market energy fund.

Over USD1.4 billion in Direct Lending transactions across more than 30 transactions.

Entered into an agreement to acquire a majority interest in Deerpath Capital Management, a US private credit and direct lending manager focused on primarily financing private equity sponsor-backed companies in the lower middle market.

PGIM Private Capital’s Direct Lending platform reached a record first half of activity for the firm, with more than USD1.4 billion originations globally. The platform continues to expand globally, with the team closing the first direct lending transaction in the Netherlands, providing Continental Candy Industries, a European private label producer of confectionery products, with financing to support the company’s growth strategy.

PGIM Private Capital’s Real Assets platform also continues to expand internationally across Continental Europe, Australia and Latin America through our local presence and industry experience. Notably the team closed direct transactions with a toll road operator in Spain and a pipeline operator in Colombia.

The firm writes that the move creates a global asset manager with GBP53 billion in AuMA on a pro forma basis, and accelerates the development of Liontrust by meeting all seven of the firm’s strategic objectives. 

The firm writes that the proposed acquisition, before transaction and re-organisation costs, is expected to be significantly earnings enhancing with regards to adjusted diluted earnings per share for the financial year ending 31 March 2025 (being the first full year post-completion) and in future years.  

The consideration will be satisfied by the issue of 9.4 million new ordinary shares in Liontrust, and it is expected that GAM shareholders will own approximately 12.6 per cent. of the combined group on completion. The proposed acquisition is expected to complete in the 4th quarter of 2023.  

The proposed acquisition broadens Liontrust’s fund range and asset classes, including in fixed income, thematic equities and alternatives, the firm says. “This provides a platform for growth by providing enhanced client solutions globally and reduces the correlation of returns across the fund range through increased diversification.”

Some 12 funds will have assets of more than GBP1 billion (seven managed by Liontrust and five by GAM) and both asset managers have a heritage of responsible investing, the firm writes.

The acquisition also strengthens distribution, with a global expansion with 62 per cent of GAM’s AuMA sourced from continental Europe while Liontrust writes that it is a leading asset manager in the UK with the sixth strongest brand (Source: Broadridge).

The move increases Liontrust’s physical presence in Europe, including a long history in Switzerland, and provides offices in Asia and the US and therefore a platform for expansion in those areas, the firm writes, and  creates a broader client base for the combined group’s funds globally and benefits from the existing strong relationships with distributors of both asset managers; 

Another benefit according to Liontrust is that the acquisition enhances investment talent,

adding experienced investment teams, including nine fund managers rated A to AAA by Citywire.

By AuM, 75 per cent of GAM’s funds were in the first or second quartile of their respective sectors over three and five years to 31 March 2023. 

Liontrust will provide an attractive home for the active fund managers at GAM, the firm writes, adding that they will benefit from Liontrust’s focus on independent, distinct processes; strong risk and compliance culture and framework; delivery across sales and marketing; a strong brand; financial stability; and the support provided by the business processes and infrastructure.   

GAM has reached agreement in principle to transfer all third-party fund management services clients serviced out of Luxembourg and Switzerland to a specialist asset servicing company active across Europe, with further details to be announced by GAM in due course. 

The Proposed Acquisition of GAM will accelerate Liontrust’s strategic progress and growth through the broader investment capability and global distribution of the enlarged company, the firm says. 

Liontrust will provide an environment to enable the investment teams to focus on managing their portfolios without distractions within a strong risk and compliance framework and with the support of the rest of the business to deliver performance and a growth in assets, the firm says.  

The broad range of funds and asset classes will enhance Liontrust’s product range. The expanded range will offer the potential to grow the combined client base and provides Liontrust with differentiated performance across the fund range through the market cycle. 

GAM’s existing product offering is complementary to Liontrust’s especially in fixed income and alternatives. GAM will strengthen Liontrust’s fixed income offering, adding capabilities in: Asset Backed securities, Emerging Markets debt, Global Credit, Global Rates Catastrophe bonds and Insurance Linked Securities. Equities will continue to be the largest product for the enlarged company, with GAM adding and strengthening capabilities in: Asia, Japan and Emerging Markets, Thematic Global Equities, Europe, Luxury Brands and UK Income. GAM will also expand the multi-asset and alternatives propositions and provide a capability in wealth management.   

This increased product depth will be expected to support growth in Liontrust’s market share over time and enable us to better mitigate against market volatility and changing demand for investment styles. The Proposed Acquisition will lead to a step change in scale, with 12 funds having more than £1 billion of AuMA (two for Economic Advantage, one for Global Fundamental, four for Sustainable Investments, four for GAM Fixed Income and one for GAM Multi-Asset). 

Liontrust intends to rebrand all GAM funds as Liontrust as soon as possible after completion of the Proposed Acquisition and for the GAM business to operate under the Liontrust brand. 

The acquisition will enhance distribution globally and the opportunity to increase sales and market share. GAM is geographically diverse with 3,500 clients based in almost every continent, with 2,700 in Europe. Switzerland, Germany, Italy, the US, Iberia and Latin America are GAM’s largest markets outside the UK. 

Liontrust and GAM are both focused on providing excellent client service and the enlarged company will deliver engaging experiences for investors globally. 

The fund managers and other employees at GAM will benefit from the environment at Liontrust, the enhanced distribution, strong brand and marketing, and the resources of the enlarged company. 

John Ions, Chief Executive of Liontrust, says: “This is a significant acquisition that accelerates the growth of Liontrust through enhancing our distribution globally, product capability and investment talent.  

“Liontrust and GAM are both client centric businesses that thrive on providing solutions and first-class service. The enlarged company will provide the platform from which to deliver this to a broader client base. 

:We have been impressed by the quality of the investment teams at GAM. There is commonality in that Liontrust and GAM are both committed to independent and distinct processes for each of their investment teams. Liontrust specialises in providing an environment in which investment teams can thrive, including through the excellence of our sales and marketing and a robust business infrastructure, strong risk and compliance culture, and the stability that comes with financial strength. 

“Liontrust is committed to the international business and client relationships that GAM has built. We are especially pleased to have such a strong operation in Switzerland which has been so important to GAM’s heritage.  

“The quality of the investment teams across the different asset classes, the talent in the business and the breadth of the distribution at GAM, combined with Liontrust’s existing investment capability and strong brand, sales, marketing, and communications, gives me great confidence we will grow the enlarged business to create long-term value. 

“Liontrust and GAM will work together to provide a seamless transition for clients and enhancing the service provided in the future.” 

Peter Sanderson, CEO of GAM, says: “I am delighted we have agreed this transaction with Liontrust. Our distinctive approaches to investing and culture are closely aligned, and this combination represents the best opportunity for our talented team of professionals at GAM to continue to provide clients with high conviction active investment strategies. The resulting business will have a strong balance sheet, a broader array of excellent investment products, and a global distribution footprint from which to deliver growth that our shareholders can participate in the future.” 

David Jacob, Chairman of GAM, says “I would like to thank all my colleagues at GAM for their hard work and dedication while we worked to determine the best option for the future of the firm.  I am confident that the loyalty of our clients will be rewarded since they will now benefit from the increased capabilities and stability of the combined firm. Our shareholders have been patient, and I and my fellow Board members are unanimous in our recommendation that they should tender their shares in response to the offer from Liontrust.”