Funds managed by Standard Life Aberdeen have increased their stake in British asset manager Liontrust to 5.01%.

Earlier, the funds were separately managed by Aberdeen, Standard Life as well as Ignis.

Standard Life and Aberdeen merged in 2017 and were rebranded as Standard Life Aberdeen. Upon completion of the deal, the combined group reported assets under administration of £670bn.

Ignis was taken over by Standard Life in 2014 in a deal worth £390m.

The latest deal comes as Liontrust reported a growth in assets after the acquisition of Alliance Trust Investments.

Assets under management (AuM) at Liontrust reached £12.05bn at the end of September 2018. The figure marked a 15% rise from £10.48bn as at 1 April 2018.

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Net inflows in the six months to September 2018 totalled £723m, compared to £178m in the previous year.

The adjusted pre-tax profit of the firm during the period increased 21% to £14.5m on a year-on-year basis.

However, market volatility resulted in a decrease in AuM at the firm to £11.5bn as of 19 November 2018.