Liontrust to Acquire River Global's Asset Management Arm in £9.7m All-Share Deal
- Simon Bourke
- Mar 16
- 3 min read
Updated: Mar 26
16th March 2026
Deal summary
Liontrust Asset Management has agreed to acquire River Global Holdings Limited (RGH), the holding company for River Global PLC's asset management operations, in an all-share transaction worth up to £9.7m. The initial consideration is £7.6 million in Liontrust shares, with up to £2.1 million of additional consideration linked to the future treatment of the European Opportunities Trust mandate. The acquisition will add £2.7 billion of assets under management and advice, taking Liontrust’s pro forma total to £24.4 billion.
About Liontrust
Liontrust Asset Management is a specialist active fund manager listed on the London Stock Exchange and headquartered in London, managing funds across global equities, fixed income, sustainable investment and multi-asset portfolios. The firm has grown substantially through acquisition since the mid-2010s, completing deals for Neptune Investment Management in 2019, Architas from AXA in 2020, and Majedie Asset Management in 2022. Assets under management peaked at approximately £31.8bn in early 2023 before reducing AuMA to £21.7bn as of February 2026.
About River Global
River Global PLC is a London-listed investment group whose asset management business includes the franchises built around River & Mercantile Asset Management, SVM Asset Management and Saracen Fund Managers. The business manages £2.7bn in assets with a focus on long-only equity strategies across UK, Indian and global markets. River Global's primary remaining asset following the transaction will be its 30% stake in Parmenion, the investment platform, which was valued at between £75m and £90m in the company's most latest annual report.
Why Liontrust acquiring River Global?
Liontrust said River Global’s investment capabilities are complementary to its existing range and will broaden its client base. This also comes at a time when Liontrust’s AuMA has fallen from approximately £27.8bn in March 2024 to £22.6bn a year later, following total net outflows of £4.9bn. River Global’s £2.7bn of AuMA therefore adds back some scale, while its value and Indian equity capabilities broaden Liontrust’s product range. Liontrust also pointed to River Global’s recent fund performance, with 88% of strategies ranking in the first or second quartile over one year.
What happens next?
The transaction is subject to regulatory approvals and approval by River Global shareholders. Martin Gilbert and Christopher Mills, River Global's largest individual shareholder, who together hold 22.3% of the company's share capital, have confirmed their support and agreed to hold Liontrust shares for a minimum of two years after completion.
Integration is expected to centre on investment capabilities, with the River Global Holdings investment teams and processes moving under the Liontrust brand. Liontrust has stated the transaction is expected to be earnings accretive in the financial year ending 31 March 2027 and materially accretive in subsequent years. River Global's 30% stake in Parmenion is excluded from the transaction and will remain the central asset of River Global PLC.
Liontrust’s other recent acquisitions
Majaedie Asset Management – April 2022
Liontrust completed its acquisition of Majedie in April 2022, adding £5.2bn of AuMA at completion and strengthening its institutional offering through the addition of Majedie’s Global Fundamental team.
Architas Advisory Services and Architas Multi-Manager – October 2020
Liontrust acquired Architas from AXA for £75m, merging Architas' multi-asset team with its own and significantly expanding its range of multi-asset portfolios.
Neptune Investment Manangement – October 2019
Liontrust acquired Neptune for £40m, adding UK, global and emerging markets equity funds along with an experienced fund management team that broadened the firm's geographic investment coverage.
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