With 55 transactions completed during the period, the report finds there was a 2 per cent increase in UK mid-cap deals compared to Q2 2023 (54 transactions) and a 20 per cent rise on Q1 2024 (46 transactions), although the first quarter is a traditionally low volume period. For H1 2024, the data finds a 7 per cent increase against H1 2023, indicating that UK deal flow activity has picked-up and debt market conditions are improving.

The data also reveals that debt funds played a dominant role, financing the vast majority (77 per cent) of completed deals in Q2, while banks contributed to under a quarter (23 per cent). The share of transactions by debt funds surged by 47 per cent in H1 2024 compared to the same period last year, while the number of bank transactions decreased by 44 per cent. The figures indicate, amongst other things, that funds’ appetite to finance deals has grown, driven in part by increasing pressure to deploy capital after a slow 2023.

Additionally, the report highlights a shift in the nature of financings in H1 2024, charting a marked rise in leveraged buyout (LBO) financings, which accounted for almost half (42 per cent) of all transactions, compared with just 29 per cent in H1 2023. These levels of LBO activity are in line with the levels seen in 2021 and 2022, reflecting strong support from the debt markets and another signal of optimism for the M&A landscape for the remainder of 2024.

Patrick Schoennagel, Managing Director in Houlihan Lokey’s Capital Markets Group and Head of Sponsor Finance, Europe, says: “Improving market conditions have laid a solid foundation for sustained momentum in financing activity that is marked by a decrease in pricing and increase in leverage due to heightened liquidity and competition. The significant uptick in leveraged buyout (LBO) activity emerges as a particularly encouraging signal of market optimism and a reflection of the willingness of debt funds to deploy capital following a slump in activity in 2023.

“Looking ahead to the second half of 2024, a robust M&A pipeline signals the potential for a continued resurgence in deal activity, a trend that will only be bolstered should the Bank of England cut interest rates again later this year”.

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.”

The agreement is in line with the Memorandum of Understanding announced on April 16, 2024: Amundi US will be combined with Victory Capital; Amundi will become a strategic shareholder of Victory Capital with a 26.1 per cent economic stake in Victory Capital; Both parties have entered into 15-year distribution and services agreements, which will be effective upon the closing of the transaction.

Under these distribution and services agreements, Amundi will be the distributor of Victory Capital’s US-manufactured active asset management products outside of the US. Additionally, Amundi will become the supplier of non-US manufactured products for Victory’s distribution in the US.

Valérie Baudson, Chief Executive Officer of Amundi, says: “The transaction will allow Amundi to strengthen its presence in the US via a larger US investment and distribution platform. It will also provide Amundi’s clients worldwide with access to a broader range of high-performing US investment solutions. Thanks to this transaction, Amundi will become a strategic shareholder in a US-based asset management firm with a consistent track record of development. This is a compelling proposition for our clients and our employees.  It is also a value-creating deal for our shareholders.”

Amundi expects this transaction, which does not include any cash consideration, to result in a material increase in the contribution from US operations to its results, leading to a low single-digit accretion of the adjusted net income and EPS of Amundi.

The transaction is subject to customary closing conditions, and is expected to be completed late in the 4th quarter of 2024 or early 2025.

Debt funds played a dominant role in lending, accounting for the vast majority of deals, the firm says.

Driven by a strengthening M&A market and robust debt fund activity, UK mid-market financing activity significantly increased in Q1 2024, compared to the same period in 2023, according to the latest data released by global investment bank, Houlihan Lokey.

With 47 transactions completed during the period, the report finds there was a substantial 18 per cent increase in UK mid-cap deals compared to Q1 2023 (40 transactions). Although there was a slight 8 per cent decline from Q4 2023 (51 transactions), this is typical for the traditionally low-volume first quarter.

The data reveals that debt funds played a dominant role in the activity this quarter, financing the vast majority (77 per cent) of completed deals in Q1, while banks contributed to under a quarter (23 per cent). The increase in debt funds’ share of transactions represents a significant 48 per cent increase from Q1 2023, suggesting that funds are under increasing pressure to deploy capital after a slow 2023.

Additionally, the report highlights a shift in the nature of financings in the first quarter, charting a marked rise in new LBO activity, which accounted for almost half (48 per cent) of all transactions, returning to levels not seen since Q1 2020. This reflects the uptick in M&A activity in the region this year.

Charles Martin, Director in Houlihan Lokey’s Capital Markets Group, says:  “We have observed a strong level of activity in the UK this quarter compared to that of last year, supported by the level of M&A activity and improved debt market conditions, which is an encouraging sign for the rest of 2024.”

Patrick Schoennagel, Managing Director and Head of Sponsor Finance, Europe in Houlihan Lokey’s Capital Markets Group, says: “As we look ahead to Q2 2024, a promising M&A pipeline suggests a potential resurgence in deal flow activity in the second half of the year, bolstered further by anticipated BoE interest rate cuts in the summer. Despite a cautious approach to leverage multiples, both banks and debt funds demonstrate openness to quality assets, painting a positive outlook for the remainder of the year.”

The report finds that while both buyout deal volume and value has decreased from the pandemic high in 2021 of 14,452 total deals closed, deal volume is beginning to normalise at a lower level with 1,780 deals in Q1 2024 (a 14 per cent decline from Q4 2023).

Preqin writes that this normalisation is comparable to that witnessed between 2018 and 2020, when the quarterly average deal volume was 1,930. However, in the long term, Preqin analysts are optimistic about sponsored buyouts, as market share has doubled in over a decade and is expected to continue to grow compared to non-sponsored buyouts that don’t include private equity.

Key report facts:

Private capital deal value: Deal value fell by USD195.3 billion from Q4 2023 to Q1 2024, from USD423 billion to USD227.7 billion, respectively.

Private equity buyout deal activity appears to be normalising at lower level: In Q1 2024, 92 per cent of all deals were through the small and mid-market (<USD100 million – USD999 million) – higher than the five-year average of 89 per cent as higher interest rates and so elevated financing costs persist. Overall, there were 1,210 fewer deals (-14 per cent) from Q4 2023 to Q1 2024. Buyout deal value decreased by 55 per cent from Q4 2023 to Q1 2024, falling from USD209.2 billion to USD94.7 billion, respectively.

Private equity buyouts by sector: Industrials overtook Information Technology (IT) as the sector with the highest deal value globally in Q1 2024. Industrials accounting for USD28.4 billion in deal value in Q1 2024 (30 per cent of total) compared to USD21.1 billion in Q4 2023 (10 per cent of total). The latter took a hit through declining valuations and lower deal leverage and may put downward pressure on future deal value as the fall from the highs of late 2021 and early 2022 continue.

VC deal making forecast: Whilst VC dealmaking continues its downward trend in Q1 2024, Preqin data shows that early-stage deals are becoming more attractive. Deals under USD100 million accounted for 96.1 per cent of the overall VC deal market in Q1 2024 and Preqin analysts see this trend continuing owing to longer incubation periods and less sensitivity to valuations, especially in light of down rounds’ current prevalence.

Gerard Minjoot, Analyst, Research Insights, at Preqin says: “As the market continues to navigate the uncertain macroeconomic environment, deal activity appears to be transitioning into a new normal where smaller deal sizes will be more apparent. Yet, we remain optimistic. Over half of private equity managers and 68 per cent of venture capital managers plan to deploy more capital in 2024, compared to 44 per cent and 36 per cent of them, respectively, in 2023. In the long run, sponsored-back buyout deals have grown over the last decade and will continue to grow in the future.”

While inflation has cooled, pricing pressures remain higher in the UK than in many developed market peers. Despite this, monetary easing could be on the horizon as we move through 2024.

As savings rates have moved higher over the past year or so, mass affluent and high-net-worth (HNW) investors have recently been relatively content with allocations to traditional safe instruments – such as deposit accounts, cash ISAs, and short-term government bonds. However, the imminent end of the rate hike cycle could be a catalyst for increased exposure to higher-risk investment solutions – which bodes well for the wealth management sector.

Structural drivers and ongoing innovation

Additionally, the UK wealth space also remains structurally well-positioned. As the majority of the UK’s investable wealth is concentrated among those approaching or already in retirement, the flexibility offered by pensions freedoms has underscored the need for sound investment advice. This continues to accelerate demand for intelligent tech-enabled wealth solutions.

While personal liquid assets total a massive £2trn in the UK, just 30% is currently under the control of independent financial advisors (IFAs) and tied advisers – with a substantial portion remaining trapped in low-yield savings accounts or outdated life and pension products. The opportunity to reallocate these funds to higher-performing wealth management solutions is immense.

Innovative, cost-effective wealth services have also expanded in recent years. However, while robo-adviser platforms such as Nutmeg and Wealthify have gained traction, many individuals still seek a certain level of human advice and reassurance throughout the wealth journey. Given the intricacies of pensions and tax regulations, many experts still require guidance in navigating the complexities.

This has spurred the growth of hybrid advice models, which blend technology-enabled guided advice with human interaction. Additionally, people are increasingly utilising multiple touchpoints in the management of wealth – combining self-service platforms like Interactive Investor and AJ Bell with the expertise of IFAs, financial planners, and discretionary managers.

Small entities ripe for further consolidation

Despite on-going advancements, the sector remains fragmented – housing over 5,000 firms and more than 27,000 advisers. The majority of firms are small, with 90 per cent containing five or fewer advisers. The pressure to consolidate stems from various sources, including an ageing adviser base, retirement planning considerations, heightened regulatory requirements, and general cost inflation.

Private equity investment is driving this consolidation wave, with more than 30 active consolidators in the market. This trend aligns with renewed interest from both domestic and international entities – such as RBC’s acquisition of Brewin Dolphin, the purchase of 7IM by Ontario Teachers’ Pension Plan and Aviva’s deal for Succession. While consolidation is broadly on the rise, the straightforward acquisitions have already occurred, which has driven up pricing and necessitated increasingly nuanced strategies for successful integration. This includes tapping into cost synergies, consolidating platforms, and vertically integrating functions like in-house investment management.

Looking ahead, we anticipate an acceleration of M&A among smaller firms, along with the eventual sale of consolidation entities by sponsor owners once attractive returns are achieved. These entities could merge with other consolidators, be acquired by larger sponsors to sustain the momentum, or become targets for banks and insurance companies. However, not all wealth businesses have the same value creation model – careful presentation of the business and the investment case is increasingly important for unlocking premium valuations.

While the UK has faced a number of significant challenges in recent years, a lowering of rates could provide renewed optimism for the economy as we advance further into 2024. But irrespective of broader macro prospects, we expect the multiple tailwinds powering the dynamic wealth management space to continue apace for the foreseeable future.

The merger of Waystone’s and KBA’s management companies in Ireland combines KBA’s UCITS expertise with Waystone’s pre-eminence in alternatives, creating a management company with AUM of EUR175 billion, the firm writes.

The addition of 100 KBA consultants in Ireland, London and Luxembourg allows Waystone to offer expert advice and an extensive suite of services to clients worldwide, the firm adds.

Concurrent with the corporate merger, an enhanced governance structure has been implemented along with a consistent operating model across locations, enabling the businesses to deliver a single global solution.

The completion of this corporate merger comes as Waystone nears the finalisation of its acquisition of Link Fund Solutions. These acquisitions represent significant milestones in the company’s history as it continues to strengthen its market position.

Rachel Wheeler, CEO of Global Management Company Solutions at Waystone, says: “The integration programme team have worked incredibly hard over the last six months to ensure a true and seamless integration of KBA into the Waystone Group. The integration has facilitated the implementation of a new and simplified operating model meaning we are now even better equipped to provide comprehensive and innovative solutions to our clients as they continue to navigate an increasingly complex regulatory landscape.”

Andrew Kehoe, CEO of Waystone Management Company (IE) Limited, says: “Having now truly integrated our highly successful and complementary organisations, we look forward to delivering substantial benefits to our clients. By combining the expertise and depth of experience of both organisations, we’ve expanded our suite of services to create an unrivalled ManCo offering.”

Apex writes that IPFMG is an established ManCo, which has operated unit trust funds in Guernsey for more than 15 years. The IPFMG management team has extensive experience in collective investment scheme management, in multiple jurisdictions.

The firm writes that the acquisition of IPFMG further strengthens Apex Group’s ManCo offering in the Guernsey market, adding assets under administration of USD200 million, across eight funds and six fund managers. As part of Apex Group, IPFMG’s clients will benefit from the simplicity and efficiency of a single relationship with a global service partner across the full value chain of their business; including additional digital banking, depositary and custody solutions.

Apex Group’s existing ManCo services, delivered under the FundRock brands, look after more than 1,200 funds with a total of EUR234 billion in assets under management in 12 countries including Guernsey, Luxembourg and Ireland, to streamline their operations in a cost-effective manner.

FundRock’s existing Guernsey business offers fund management services including AIFMD and UCITS solutions for advisers and boards, together with principal management, risk management and support services for fund managers seeking to market funds on a cross-border basis. With a strong track record, FundRock Guernsey currently acts as manager to a number of funds with over USD8 billion under management.

This is the latest in a series of strategic global acquisitions for Apex Group to further grow its ManCo offering, including the recently announced additions of the ManCo businesses of MJ Hudson in Luxembourg and Ireland, Boutique Collective Investments in South Africa and Maitland in Luxembourg.

Peter Hughes, Founder and CEO of Apex Group comments: “With significant substance and technology capabilities, Apex Group offers the right platform for IPFMG to continue supporting clients by delivering resource and cost efficiencies and to meet their resourcing requirements in a complex regulatory environment. With the addition of the IPFMG ManCo business in Guernsey, we are proud to further consolidate our position as one of the largest super ManCo providers in Europe, offering scalable, cross-border solutions to clients.”

Brett Paton, Director, IP Fund Managers Guernsey adds: “As part of Apex Group and FundRock, our clients will be able to further streamline their operations in a cost-effective manner with third-party ManCo services complemented with fund distribution and administration, middle office, banking, depositary and custody services all available under one roof.”

The planned acquisition of IPMG is subject to regulatory approval and customary closing conditions, expected later in 2023. Financial terms of the transaction are not disclosed.

Grant Thornton acted as financial adviser to Apex Group, with Walkers providing legal counsel.

GF Hong Kong will purchase part of the equity holdings from two major shareholders of Value Partners and is expected to hold 20.20 per cent of Value Partners upon the completion of transaction. The firm writes that this transaction will enable Value Partners to further strengthen its position as a world-class Asia and China specialist asset manager to address the increasing investment needs from institutional and individual investors globally.

Charles Lin, Chief Executive Officer of GF Hong Kong, says: “As one of China’s largest full-service financial institutions by asset size, GF Securities values the opportunity to collaborate with Value Partners as a strategic shareholder. The synergies we create will sharpen our competitive edges in wealth and asset management. The move is also in line with GF Securities’ strategy to expand the firm’s global footprints.  We believe that with joint efforts, GF Securities will be able to further advance sustainable economic growth and capture financial opportunities in China’s Greater Bay Area.”

Dato’ Seri Cheah Cheng Hye, Co-Chairman and Co-Chief Investment Officer at Value Partners, says: “As one of the largest independent asset managers in the Asia region with more than 30-year track record of delivering investment values to our clients, Value Partners is delighted to collaborate with GF Securities through this strategic investment. The partnership will not only significantly increase Value Partners’ reach to mainland Chinese investors, especially in the Greater Bay Area, through GF Securities’ strong distribution network, but also strengthen our investment capabilities across different asset classes in China. We are confident that our collaboration with GF Securities as a strategic shareholder can generate synergies and bring long-term and stable returns to the company’s shareholders and investors.”

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.”