Liontrust Asset Management has agreed to acquire the entire issued share capital of Neptune Investment Management for a maximum consideration of £40m.

The deal will add £2.8bn in assets to Liontrust’s books, taking its total assets to £17bn.

As per the agreed terms, Liontrust will initially pay £35m in new shares of 1 pence each.

The asset manager would also pay up to an additional £5m in new shares, based on a certain future AUM level managed by the Neptune team.

Reorganising Neptune is said to cost Liontrust around £16m, with nearly £2m in transaction costs.

The transaction, which is subject to regulatory nod, forms part of Liontrust’s strategy to diversify its product line-up and drive growth.

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Neptune CEO Robin Geffen said: “We believe the environment and culture at Liontrust will enable us to deliver performance for our investors and attract inflows into our funds over the next few years.”

The Neptune Investment Team will join Liontrust and operate under the name Liontrust Global Equity Team post deal closure in October this year.

The team will operate out of Liontrust’s London offices. Geffen will step down from the role of CEO and focus on heading the team.

Liontrust CEO John Ions said: “Neptune is a great acquisition for Liontrust and will enhance our already excellent investment proposition in areas where there is strong demand such as global equities, equity income and emerging markets equities.”