Tim Haywood, who ran Gam’s Absolute Return Bond funds, was suspended in July 2018, eventually being fired and his funds closed down.
Gam's then-chief executive Alexander Friedman stepped down and the Financial Conduct Authority fined the company £9.1mn in 2021 over conflicts of interest.
Today Ions said that Liontrust made a fair offer for Gam which reflected the financial reality of the business.
“Throughout this process, Liontrust has sought to create corporate and financial stability for Gam and do what is in the best interests of its shareholders, clients and employees,” Ions said. “We have always believed that Liontrust’s offer and strategy for ensuring the growth of the combined group is the best way to achieve this.”
Some analysts told FTAdviser yesterday that Liontrust had “messed up” the Gam takeover.
They also said it would be a “chastening experience” for the company.
But Liontrust stood by the acquisition at the time, saying: “The proposed acquisition of Gam gives us the opportunity to accelerate Liontrust’s strategic development by expanding the product range, the physical footprint of our distribution and talent across the company.”
amy.austin@ft.com
