Liontrust sells loss-making credit arm to Avoca for £3.2m

The group announced this morning it has entered into a conditional business purchase agreement for the sale of its credit business, including its credit team, to Avoca. Its Liontrust Credit Absolute Return fund and the Liontrust Credit fund, which have £85m assets under management in total, will be transferred to Avoca as part of the deal. Liontrust is to receive 3.75% of the assets under management transferred as payment, totalling £3.2m. The credit business, worth 6% of Liontrust's total assets under management, is currently loss making. In the financial year ended 31 March 20...