Liontrust pays 30% less for Occam after assets tumble

Liontrust Asset Management said today it had completed the takeover of Occam but for a much lower price following a fall in assets under management.

The group first announced in August it had entered into a conditional agreement to buy emerging markets specialist Occam but it will now pay 30% less than previously agreed after assets under management at the target firm tumbled. Liontrust said Occam's AUM had fallen to $139m by the end of September, caused mainly by the sell-off seen across markets. This opened up a clause in the agreement which allowed it to scrap the bid if assets fell below $150m. However, Liontrust said it would see the deal through regardless of the falls, for a lower price. "Notwithstanding the fall in AUM,...