British specialist fund manager Liontrust has agreed to acquire Argonaut Capital Partners’ European income business.
The move comes as Argonaut founder Barry Norris takes full control of the firm.
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Liontrust will acquire Argonaut’s European Income and Enhanced Income funds, with manager Oliver Russ joining Liontrust.
Following completion of the transaction, Liontrust will combine the two Argonaut funds into soon-to-be launched Liontrust European Income and Liontrust European Enhanced Income Funds.
The transition of the funds is scheduled to be completed in June 2016, subject to regulatory nod.
Liontrust CEO John Ions said: "Olly Russ will be an excellent addition to our six existing fund management teams. Olly is an experienced and highly respected manager and will extend our equity income capability at a time when demand for income investing is only going to rise through increased longevity and pension freedoms.
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By GlobalData"With Olly on board, we will have four fund management teams investing for income: in the UK, Asia, Continental Europe and globally. European income provides UK-based investors with diversification and the opportunity to benefit from a broader spread of companies with a yield above 3%. The European Enhanced Income Fund offers a distinct approach among funds that invest in this asset class."
The addition of the European Income Business will bolster Liontrust’s equity income fund range that presently includes Liontrust Macro Equity Income, Asia Income and Global Income funds.
