Liontrust denies Artemis takeover talks

(Sharecast News) - Liontrust Asset Management has denied it is in talks to acquire smaller rival Artemis. The Financial Times reported that Liontrust, which has assets under management of £28bn, had held early stage talks with Artemis about a potential tie up. It cited three anonymous sources, although another told the newspaper that the talks had not progressed.

London-based Artemis, which is owned by US investment firm Affiliated Managers Group and its 27 partners, has £23bn in AUM.

However, in a brief statement the FTSE 250 firm noted: "Liontrust is not in talks with Artemis over an acquisition of its business."

Artemis has so far declined to comment.

Shares in Liontrust, which jumped on Tuesday, had fallen 1% to 685.5p by 0900 GMT.

Liontrust has snapped up seven smaller asset managers over the last 12 years, as it looks to diversify and expand its core business.

It also made a £95m all-share offer for GAM Investments last year, but failed to secure the backing of the Swiss firm's shareholders.