Liontrust Asset Management's majority shareholder has sold two-thirds of its stake in the business....
Liontrust Asset Management's majority shareholder has sold two-thirds of its stake in the business.
Pacific Investments' subsidiary River & Mercantile Management, together with Mark Johnson, a non-executive of Liontrust and a director of Pacific and persons connected to him and John Beckwith, sold £8m worth of ordinary shares on 1 March.
As a result, the selling shareholders' 39.7% stake in Liontrust has been reduced to 15%. The shares were purchased by the directors of Liontrust and persons connected to them. Nigel Legge, the joint chief executive of Liontrust, said: "This is very positive news for Liontrust as it means the company is not controlled by one large shareholder, giving it more flexibility."
When Liontrust set up in July 1995 (under the name River & Mercantile) it was 75% owned by Pacific Investments and 25% by employees.
Brexit uncertainty a major factor
Highlights of group's 2018 Analyst Survey
Market smelt blood
Four days to go …
Improving portfolio diversification