Mergers & Acquisitions / Joint Ventures

Liontrust sells Thorp’s ex-Ilex credit business to Avoca


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