Ben Conway

The deal comprises an initial cash payment of £6m on completion, plus two contingent cash payments of up to £2m each, payable 12 months and 24 months after completion.

Each contingent payment depends on the business reaching certain run-rate revenue levels, tested at the first and second anniversaries of completion, and the amount payable is reduced if those levels are not met.

The acquisition is structured as an asset purchase from Shackleton Advisers subsidiary Hawksmoor Investment Management. It covers the business carried on by Hawksmoor Fund Management and Hawksmoor Investment Services, including the investment management contracts and certain employees.

It adds approximately £1.9bn of assets under management and advice (AuMA) as at 31 August, made up of just over £1bn in fund mandates, £473m in multi-asset funds and £445m in MPS.

Ben Conway, head of fund management at Hawksmoor Fund Management, will continue to manage the acquired funds and fund mandates as part of Liontrust’s Multi-Asset team.

Liontrust said the acquisition will expand its investment solutions with funds that have different outcome targets from those offered by Liontrust and meaningful exposure to investment trusts and listed alternatives.

It highlighted that Hawksmoor uses a differentiated, valuation-led and bottom-up investment process that is complementary to Liontrust’s Multi-Asset process.

It said in a statement, citing a Hawksmoor Investment Management fund factsheet as at 31 August: “Hawksmoor’s Vanbrugh Fund and Distribution Fund are in the 1st quartile and the Global Opportunities Fund is in the 1st or 2nd quartiles of their respective IA sectors over one, three and five years.

“The Proposed Acquisition diversifies and expands Liontrust’s client base among financial advisers, including through strategic partners using Hawksmoor’s MPS, which is managed by Richard Philbin.

“Hawksmoor will benefit from Liontrust’s sales and marketing strength to raise awareness of and engagement with the acquired funds and MPS.”

Liontrust said Hawksmoor is profitable and the deal will be earnings enhancing, before synergies, from the outset. It will be funded from existing cash resources with no new Liontrust shares issued, is subject to customary closing conditions and is expected to complete before 31 December 2026.

Hawksmoor’s run-rate revenues were £4.8m as at 31 August 2026. Liontrust expects it to achieve operating margins of around 60% after integration, before transaction and re-organisation costs.

Liontrust said it expects those costs to be approximately £1.9m, treated as exceptional items. About 40% will be incurred in the financial year ending 31 March 2027 and the balance in future financial years.

John Husselbee, head of multi-asset at Liontrust, said: “Hawksmoor is a really strong addition to the Multi-Asset capability that we have developed over the past few years. Through their complementary funds and portfolios, managed by the teams headed by Ben Conway and Richard Philbin, they enable Liontrust to offer an even wider range of investment solutions to cater for the demand across the adviser market, including the expansion of our coverage of investment trusts and alternatives.”

John Ions, chief executive at Liontrust, said: “Ben Conway and his team have a highly respected business, having built strong relationships with financial advisers and a loyal client base.

“The proposed acquisition enhances Liontrust’s position among financial advisers, including through an expanded product offering, as an increasing proportion seek to partner with specialist asset managers for the outsourcing of investment management.

“Combining Hawksmoor with Liontrust’s existing Multi-Asset proposition and strong client service, sales and marketing gives us great confidence we will be able to grow key client partnerships going forward.”

Paul Feeney, chief executive at Shackleton, said: “Hawksmoor’s Funds Management and Investment Solutions businesses have great potential to grow, with talented people and an attractive proposition for financial advisers. Shackleton wanted to find a home that could offer the support and environment to help the business flourish, and we know Liontrust provides this.”