The transaction is an example of the M&A-driven consolidation taking place in the UK wealth and asset management sector.

London-listed Liontrust Asset Management has completed its acquisition of Majedie Asset Management, adding £5.2 billion to Liontrust’s AuM, taking it to £38.6 billion ($50.6 billion). 

Majedie’s institutional fund management team, which is joining Liontrust, has been renamed the Liontrust Global Fundamental team. It will still be headed by James de Uphaugh, Liontrust said in a statement on Friday. 

"The investment managers are highly regarded with a long pedigree in managing UK and global equities for institutional clients. The success of the team, who have all moved to Liontrust, is demonstrated by the quality of their institutional mandates and the management of Edinburgh Investment Trust since March 2020,” John Ions, chief executive of Liontrust, said.

The acquisition was initially agreed and made in December last year. The initial payment was £80 million plus an additional deferred consideration of up to £40 million, including excess net asset value.