Under this transaction, Avoca will acquire Liontrust Credit Absolute Return Fund and Liontrust Credit Fund, with a total of £85m in assets under management.
Liontrust’s credit business represents 6% of its total assets under management.
In conjunction with this transaction, the Liontrust’s five member credit team Simon Thorp, James Sclater, Paul Owens, Quentin Peacock and Gareth Roblin will join Avoca.
Avoca said the five member team will be based in its London office and supported by the firm’s infrastructure in Dublin and London.
Avoca chief executive Alan Burke said that it has already established a substantial long-only credit offering; however, this is the best strategic opportunity and fit in the market for it to extend significantly the offering to clients in the credit hedge fund arena.
The transaction is subject to regulatory approvals and other customary closing conditions.
