Key facts
- GAM Alternatives fund managers Albert Saporta and Randel Freeman increased their stake in Liontrust Asset Management to over 5%.
- They are calling for Liontrust to commence an immediate strategic review with the objective of selling the business.
- Liontrust's share price has declined approximately 85% from its September 2021 peak.
- Assets under management have fallen from £42.3bn to approximately £22bn.
- GAM also disclosed a new 2.2% position in Impax Asset Management.
GAM Alternatives fund managers Albert Saporta and Randel Freeman have increased their stake in Liontrust Asset Management to over 5%, intensifying their activist campaign. The managers are urging Liontrust's leadership to initiate an immediate strategic review with the goal of selling the company to the highest bidder.
In an open letter dated March 23, 2026, Saporta and Freeman cited significant undervaluation, noting that Liontrust's share price has declined approximately 85% from its September 2021 peak. They also highlighted a substantial drop in assets under management, from £42.3 billion to around £22 billion, valuing the firm at only 0.68% of its AUM. The managers contend that the current leadership has failed to present a convincing strategy to reverse this trend and that a sale would better serve shareholders amid rapid consolidation in the UK asset management sector.
Liontrust's board has previously defended its strategy, pointing to the acquisition of River Global's asset management business, a share buyback program, and new institutional mandates as signs of underlying strength. However, GAM's team views these measures as insufficient.
The activist engagement by GAM's special situations managers is part of a broader trend of shareholder activism within the UK asset management industry, which is facing pressures from declining assets, falling share prices, and consolidation.