Liontrust Asset Management agreed to sell its £82 million ($106 million) Asia income strategy to global emerging markets manager Somerset Capital Management, following a review.
In a regulatory filing Friday, the firm said it is selling the rights of its subsidiaries, Liontrust Investment Partners and Liontrust Fund Partners, to manage the Liontrust Asia Income Fund. Somerset will pay £2 million for the acquisition, which includes a team liftout from Liontrust, over five years.
Co-managers Carolyn Chan and Mark Williams, who is also head of Asia-Pacific equities, along with assistant manager Shashank Savla will join Somerset at the end of October as co-managers. The sale is expected to close in the first quarter of 2021. Following completion the fund will be renamed Somerset Asia Income Fund.
Separately, Mr. Williams, alongside Kumar Pandit, was named co-manager of the firm’s Somerset Emerging Markets Dividend Growth Fund, which has £486 million in assets. Current