View more on these topics

Liontrust pays 30% less for Occam after asset fall

Liontrust is to pay 30 per cent less for Occam due to a fall in the emerging market specialist’s assets under management.

The group first announced in August it was to buy the firm and a clause in the agreement allowed it to scrap the bid if assets fell below $150m (£97m). Occam had £124 million in August when Liontrust announced the deal worth £3.9m.

However, in a statement this morning, Liontrust confirmed the deal would still go through but for a reduced price.

A statement says: “The conclusion of this assessment is that, notwithstanding the fall in assets in management, it remains the board’s view that it is in the best interests of the shareholders of the company to complete the acquisition but on the basis of a reduced level of consideration.”

It added: “Liontrust has been in further negotiations with Occam and, on 4 October 2011, entered into a variation agreement to the Agreement with Occam, such that the total consideration due under the amended agreement is reduced by 30 per cent.”

A final price will be revealed shortly.

Recommended

HSBC launches three low-cost fund of funds

HSBC Global Asset Management is launching three low-cost passive funds. The HSBC world index range will launch on October 17 and encompasses the cautious, balanced and dynamic options, designed to suit different levels of investor risk tolerance. The portfolios are available to intermediaries and non-advised clients, via the retail, X, share class with a clean […]

7

Friends wants 12% auto-enrol minimum payment

Friends Life head of corporate benefits Martin Palmer says the 8 per cent minimum contribution under auto-enrolment should be increased to about 12 per cent. From 2012, firms will be required to enrol workers into pensions, with employees contributing 4 per cent, employers 3 per cent and the state 1 per cent. Workers will be […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment