Wed, 30 Sep 2026 | DIVISION SALE
Active asset manager Liontrust has agreed to acquire Hawksmoor Investment Management, the fund management and model portfolio business owned by financial planning firm Shackleton, in a deal worth up to £10 million.
The transaction comprises an initial cash consideration of £6 million plus two contingent payments of up to £2 million each. The contingent payments will be made in cash 12 months and 24 months after completion, dependent on the achievement of anticipated revenues.
The acquisition will add £1.9 billion of assets under management to Liontrust through a combination of multi-asset funds, fund mandates and managed portfolio services.
Hawksmoor manages three multi-asset funds together with four segregated fund mandates for advisory clients and a bespoke managed portfolio service range. Its investment services arm manages two MPS ranges distributed to financial advisers, alongside bespoke MPS ranges co-manufactured with adviser firms.
Under the terms of the deal, the Hawksmoor investment team, led by Head of Fund Management Ben Conway, will transfer to Liontrust's multi-asset team. Liontrust estimates the acquisition will incur transaction and re-organisation costs of approximately £1.9 million.
The disposal marks a change of direction for Shackleton, which has recently been on the buying end of several acquisitions. Earlier this month the firm agreed to acquire Aberdein Considine Wealth, one of the largest wealth management firms in Scotland, and is re-organising its Scottish operations into two regions, Scotland East, with a principal office in Aberdeen, and Scotland West, with a principal office in Glasgow.
Paul Feeney, Chief Executive of Shackleton, said the firm had been looking for a buyer for the investment management business.
He said: "Hawksmoor's Funds Management and Investment Solutions businesses have great potential to grow, with talented people and an attractive proposition for financial advisers. Shackleton wanted to find a home that could offer the support and environment to help the business flourish, and we know Liontrust provides this."
John Ions, Chief Executive of Liontrust (pictured above), said the acquisition would expand the asset manager's financial adviser client base.
He said: "The proposed acquisition enhances Liontrust's position among financial advisers, including through an expanded product offering, as an increasing proportion seek to partner with specialist asset managers for the outsourcing of investment management.
"Combining Hawksmoor with Liontrust's existing multi-asset proposition and strong client service, sales and marketing gives us great confidence we will be able to grow key client partnerships going forward."
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