Liontrust Asset Management Plc · LSE:LIO
Liontrust Asset Management — Merger or Acquisition (May 2023)
18 slides from Liontrust Asset Management's merger presentation, May 4, 2023
Slide 1: Acquisition of GAM Holding AG
Investor Presentation Acquisition of GAM Holding AG 4th May 2023 For professional investors and advisers only
Slide 2: Disclaimer
Disclaimer DISCLAIMER – IMPORTANT NOTICE – YOU MUST READ THIS DISCLAIMER IN FULL THIS PRESENTATION IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY TO BE ACCESSED BY, PERSONS LOCATED IN ANY JURISDICTION WHERE THE RELEVANT ACTION WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAW
Slide 3: Disclaimer
Disclaimer Alantra Corporate Finance LLP (Alantra), which is regulated in the United Kingdom by the Financial Conduct Authority is acting as lead financial adviser to Liontrust and no one else in connection with the Proposed Acquisition and shall not be responsible to anyone other than Liontrust for
Slide 4: Disclaimer
Disclaimer No profit forecasts or profit estimates Save as otherwise expressly stated in any relevant information, no statement in any document contained in this Presentation is intended as a profit forecast or , a profit estimate or qualified benefits statement for any period and no statement conta
Slide 5: Highlights
Highlights Creates a global investment manager with £53 billion in AuMA on a pro forma basis and accelerates the development of Liontrust by meeting all seven of our strategic objectives Broadens Liontrust’s fund range and asset classes, including in fixed income, thematic equities and alternatives;
Slide 6: Strategic rationale
Strategic rationale
Slide 7: Transaction's strategic rationale meets Liontrust's seven strategic pillars
Transaction’s strategic rationale meets Liontrust’s seven strategic pillars 6
Slide 8: Multiple benefits to Liontrust and GAM
Multiple benefits to Liontrust and GAM Mutual Benefits Creates a broader client base across the world and benefits Benefits to Liontrust from existing strong relationships Benefits to GAM Increases scale with 12 funds having assets of £1 billion Expands the product range, Liontrust’s focus on indepe
Slide 9: Global distribution footprint
Combination delivers compelling geographic distribution & product diversification Global distribution footprint Strong intermediary relationship o Assets sourced from largest European markets • Majority of GAM’s assets sourced from Europe Institutional distribution strengthened • GAM’s European pres
Slide 10: Diversification of asset classes, distribution and client base
Diversification of asset classes, distribution and client base Combined £31.8bn £20.9bn £53bn 20% 24% AuM per Product 10% 15% Fixed Income 27% 3% Equity As at 17 As at 31 44% 4% Alternatives Apr-23 6% Mar 23 Multi Asset 71% 23% 52% 5% 2% 3% 5% 4% AuM by source of funds 4% 27% 12% Europe (ex UK) UK &
Slide 11: GAM AuMA distribution by source
GAM AuMA distribution by source 5,291 Geneva 2,122 Zurich 550 Stockholm 1,233 UK Wholesale (London) 1,029 2,083 Wealth Frankfurt Management 1,268 (London) 989 New York 213 Japan France/ Benelux 1,369 565 Milan Israel 309 806 LATAM 2,117 Hong Kong / (Madrid) Iberia Singapore 480 Sydney Source: GAM as
Slide 12: GAM performance
GAM performance % of GAM funds by AUM: 1st and 2nd quartile 1st quartile In the top decile Over 3 years to 31 March 2023 75% 46% 37% Over 5 years to 31 March 2023 75% 45% 40% Source: Company disclosures. FX rate as at 19 Apr 23 11
Slide 13: Step change in scale for Liontrust funds with >£1bn AuMA
Step Change in Scale for Liontrust 12 funds with >£1bn AuMA Scale attractive for shareholders and institutional investors Fund managers by AuM size (£bn) 1,200 738 500 342 221 69 AuM 53 50 46 45 41 40 32 27 24 24 21 21 19 19 15 11 3 Source: Capital IQ, Company websites. 1) USD:GBP rate as of 19 Apr
Slide 14: Acquisition details
Acquisition details
Slide 15: Transaction summary
Transaction summary Shareholder Benefits • Liontrust Shareholders – a chance to benefit from scale, diversification and synergies • GAM shareholders – a chance to be part of a highly profitable FTSE 250 asset manager with strong distribution and share of synergies Acquisition Structure • All share o
Slide 16: Expected timeline
Expected timeline Publication of Supplementary Circular following Liontrust Final Results 23 June Completion / Settlement Q4 2023 Publication of Circular GAM Initial Offer and Swiss Offer Period Document 26 June – 21 July 09 June Jun-23 Jul-23 Sep-23 Aug-23 May-23 Oct-23 Liontrust Final Results Publ
Slide 17: Summary – Proposed Acquisition of GAM
Summary – Proposed Acquisition of GAM Accelerates Liontrust’s strategic ambitions, creating a global active asset manager with £53 billion AuMA on a pro forma basis Enhanced value for Liontrust shareholders and chance to be part of highly profitable business for GAM shareholders Broadens Liontrust’s
Slide 18: Issuer notice by Liontrust Fund Partners LLP
This document is issued by Liontrust Fund Partners LLP (2 Savoy Court, London WC2R 0EZ), authorised and regulated in the UK by the Financial Conduct Authority (FRN 518165) to undertake regulated investment business. It should not be construed as advice for investment in any product or security menti
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