£30m Alliance Trust Investments acquisition completes

The deal, which was originally announced in December, comprised of £17 million in new ordinary shares, up to £3 million in cash and £10 million for the net asset value of ATI.

The sale is part of a strategic review aimed at enhancing the Alliance Trust’s value to shareholders and has included a switch from a single manager to a multi-manager approach, as well as the buying out of rebel activist Elliott Advisor’s near 20 per cent holding in the company.

Liontrust, meanwhile, sees its assets under management (AUM) now mover past the £8 billion mark, with the new sustainable investments team adding £2.5 billion to the group’s AUM.

Headed by Peter Michaelis, the new 14-strong team will run 11 sustainable investment funds as part of the Liontrust Sustainable Investment Team.

Michaelis and his team took over the management of Alliance Trust in September 2014. The portfolio was restructured to adopt a socially responsible investment approach.

All 11 funds will continue to be run by the same managers, and will use the same investment process as before.

John Ions, chief executive of Liontrust, said: “We’re excited to start working with the Liontrust Sustainable Investment Team, and to be able to offer its range of funds to our clients.

“The team is an excellent addition because they are experienced and have a clear and robust investment process.

“We are confident that interest in and demand for sustainable investment will only continue to grow.”

Prior to the Liontrust takeover, ATI employed about 200 people in London and Edinburgh.