Liontrust Shares Jump 6% on River Global Acquisition Announcement

Liontrust Asset Management (LON: LIO) saw its shares jump 6% on Monday morning following the announcement of its proposed acquisition of River Global Holdings Limited (RGH).

The all-share deal, valued at up to £9.7 million, is expected to bolster Liontrust’s investment capabilities and expand its client base.

The acquisition consideration comprises £7.6 million for RGH’s business, excluding the European Opportunities Trust (EOT) mandate, and up to £2.1 million contingent on the transfer of assets from EOT to a new open-ended fund. Liontrust will issue new ordinary shares to River Global PLC, RGH’s sole shareholder, to satisfy the consideration. The deal is projected to be accretive to Liontrust’s earnings per share (EPS) in the financial year ending March 31, 2027, and materially accretive thereafter.

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This strategic move is set to broaden Liontrust’s investment talent pool, incorporating experienced managers and proven processes from RGH. RGH brings complementary capabilities, including value strategies, which can diversify Liontrust’s performance across market cycles. Notably, 88% of RGH funds rank in the first or second quartile of their respective sectors over one year, and 75% over three years.

The acquisition will also expand Liontrust’s client base, incorporating new investment trusts and strategic partners, such as Standard Life and Blevins Franks, who bring positive net inflows to RGH. RGH’s assets under management and advice (AuMA) stood at £2.7 billion as of February 27, 2026. Combined with Liontrust’s £21.7 billion AuMA, the pro forma AuMA will reach £24.4 billion.

Martin Gilbert, Executive Chair of River Global PLC, will join Liontrust’s Board of Directors as a Non-executive Director upon completion of the acquisition, bringing extensive asset management expertise. Major shareholders of River Global PLC, representing 22.3% of its issued share capital, have agreed to a two-year lock-up period, signaling their commitment to Liontrust.

John Ions, Chief Executive Officer of Liontrust, said: “The acquisition of River Global is an important step forward for Liontrust…The enlarged business will diversify products, performance and the client base.”

The acquisition is expected to close by August 31, 2026, subject to regulatory approvals and River Global PLC shareholder approval. While a share buyback program continues as intended.