Liontrust Asset Management has agreed to sell its credit
business, including its long-established and highly-rated
credit team headed by Simon Thorp, to €6 billion
Dublin-based specialist credit manager Avoca Capital.
The deal will see Liontrust refocusing on its equity
business, while Avoca – which is principally a
leveraged loans and sub-investment grade credit specialist,
founded in 2002 by former senior executives in
AIB’s leveraged and acquisition finance business
– is making its first foray into long/short credit
strategies, having previously only run long-only funds.
The Liontrust Credit Fund and the more recently launched
UCITS-compliant Liontrust Credit Absolute Return Fund
– which was launched last year – will...