Liontrust Asset Management confirms GAM approach

Specialist fund manager Liontrust Asset Management confirmed on Tuesday that it was in discussions regarding a proposed acquisition of Zurich-based asset manager GAM.

Liontrust said the proposed acquisition would see it combine GAM's investment management business with its own.

"Liontrust confirms it has made an approach to the board of GAM. There can be no certainty that this will lead to a formal offer in respect of the proposed acquisition, nor as to the timing or terms of any such offer and there can be no assurance that, even if agreement is reached, any such proposed acquisition would be completed," said the firm.

Liontrust stated a further announcement would be made "as and when appropriate".

As of 1600 BST, Liontrust shares were down 2.57% at 937.80p.

Reporting by Iain Gilbert at Sharecast.com