Active asset manager Liontrust has agreed to acquire Hawksmoor Investment Management for an initial cash consideration of £6m, plus two contingent payments of up to £2m each.

Two GAM activist investors have today called for Liontrust Asset Management to sell the business to the highest bidder after claiming the firm is “significantly undervalued.”

Net outflows rose 22% for Liontrust Asset Management in the three months ended 30 June (Q2 2024: £0.9bn).