StockMarketWire.com - Independent fund management group Liontrust said it had entered into a conditional sale and purchase agreement to purchase Architas UK investment business for up to £75m.

The acquisition would create a multi-asset multi-manager proposition in the UK by product range and assets under management and advice at £6.6bn, the company said.

The deal would be financed by the placing of 5.09m shares, Liontrust said.

Upon completion of the deal, the UK multi-manager fund management team at Architas, headed by Sheldon Macdonald, would merge with Liontrust's multi-asset investment team headed by John Husselbee.

'The acquisition will enable us to broaden our distribution and client base among UK financial advisers who use investment solutions,' the company said.

Liontrust's assets under management and advice would increase by £5.6bn to £25bn.

Liontrust confirmed that it would be announcing its full year results for the financial year ended 31 March 2020 and its trading update for the period 1 April 2020 to 30 June 2020 on Wednesday, 8 July 2020. Story provided by StockMarketWire.com