Liontrust Asset Management

GAM-managed special situations investment portfolios have crossed the 5% ownership threshold in Liontrust Asset Management and built a 2.2% position in Impax Asset Management, citing deep undervaluation and continued engagement. The Liontrust stake was declared on 10 July 2026, up from a previously announced 3.6%, following an open letter in March 2026 in which co-portfolio managers Albert Saporta and Randel Freeman criticized management for value destruction, a near halving of assets under management, and excessive compensation amid an over 80% stock price decline from its 2021 peak. In Impax, the same portfolios have accumulated about 2.2%, with the managers viewing the shares as extremely undervalued at 0.60% of AUM and 0.31% of AUM net of a GBP 64.7 million cash surplus, and believing the firm's sustainability focus could make it a consolidation target in the UK fund management industry.