GAM Alternatives managers call for Liontrust strategic review and sale

In a letter today (23 March), Albert Saporta and Randel Freeman, whose funds represent 3.6% of Liontrust, argued the asset manager's shares were "undervalued", as they have dropped in price by 60% since the summer of 2023 and 85% from their September 2021 peak. Assets under management have also shrunk, from £42.3bn to £22bn over the same period. In the summer of 2023, Liontrust AM attempted to acquire GAM, but only 33.45% of shares were tendered, short of the 66.6% minimum acceptance level. The failed bid led to "restructuring" and a sustained period of outflows from the firm. Most...