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GAM Special Situations Managers Cross 5% Threshold in Liontrust, Add 2.2% in Impax
On 10 July 2026, two GAM‑managed special‑situations investment portfolios announced that they had pushed their holdings in London‑listed Liontrust Asset Management PLC (LON:LIO) past the 5 % mark and added a 2.2 % stake in Impax Asset Management Group plc (LON:IPX). The moves follow earlier disclosures of a 3.6 % stake in Liontrust and a 1.5 % stake in Impax.
The press release, issued by co‑managers Albert Saporta and Randel Freeman, highlighted that Liontrust’s share price has fallen more than 80 % from its 2021 peak and that the company’s assets under management (AUM) have been cut in half. The managers point to a series of acquisitions that, in their view, have failed to deliver shareholder value and to a sharp rise in executive compensation amid declining performance.
Liontrust, a London‑listed fund‑management company, has a market capitalisation of roughly £230 million and issued 64.7 million shares. Over the past year its share price has traded between 301.5 p and 680.0 p. The firm has completed several acquisitions, including the purchase of GAM in May 2023 for $120 million and the takeover of Walker Crips Asset Managers (WCAM) in 2024.
Impax has experienced a similar trajectory. Its share price dropped about 90 % from the 1,072 p peak on 9 December 2021, and its AUM fell from £37.2 billion at 30 September 2024 to £26.1 billion at 30 September 2025, a decline of roughly 30 %. The GAM managers view Impax’s current valuation—around 0.60 % of AUM and 0.31 % of AUM net of a £64.7 million cash surplus—as a sign of deep undervaluation. They also note Impax’s sustainability focus, which they believe could make the firm an attractive target in a consolidating UK fund‑management market.
GAM Investments, headquartered in Zurich, is an independent asset‑manager listed on the SIX Swiss Exchange. As of 31 December 2025, the group had CHF 12.5 billion of assets under management. The special‑situations portfolios are part of GAM’s Alternatives business and are co‑managed by Saporta and Freeman.
The release clarifies that the information is for disclosure purposes only and does not constitute investment advice or a solicitation to buy or sell securities. It also notes that the views expressed are those of the portfolio managers as of the publication date and may change.
Liontrust and Impax are both under pressure from shareholders and investors. Liontrust’s recent acquisitions have been scrutinised for their impact on earnings and capital allocation, while Impax’s outflows and market volatility have prompted calls for strategic realignment.
GAM’s special‑situations strategy focuses on long‑ and short‑positions in companies undergoing significant corporate change. The managers’ decision to increase stakes in Liontrust and Impax signals a belief that both firms are undervalued relative to their underlying assets and that management actions have eroded shareholder value.
Market reaction to the announcement has been muted, with Liontrust shares trading within their usual range and Impax shares remaining volatile. No regulatory action has been announced in connection with the disclosures.
The situation remains fluid. Investors will be watching for updates from Liontrust’s board on governance and strategy, as well as Impax’s plans to address AUM decline and sustainability initiatives. GAM’s portfolios will likely continue to monitor the companies’ performance and adjust positions accordingly.
In summary, GAM’s special‑situations managers have increased their exposure to two UK fund‑management firms that have experienced significant share‑price and AUM declines. The managers view the companies as undervalued and believe that management decisions have eroded shareholder value. The developments underscore ongoing challenges in the UK asset‑management sector and the potential for consolidation.
The press release, issued by co‑managers Albert Saporta and Randel Freeman, highlighted that Liontrust’s share price has fallen more than 80 % from its 2021 peak and that the company’s assets under management (AUM) have been cut in half. The managers point to a series of acquisitions that, in their view, have failed to deliver shareholder value and to a sharp rise in executive compensation amid declining performance.
Liontrust, a London‑listed fund‑management company, has a market capitalisation of roughly £230 million and issued 64.7 million shares. Over the past year its share price has traded between 301.5 p and 680.0 p. The firm has completed several acquisitions, including the purchase of GAM in May 2023 for $120 million and the takeover of Walker Crips Asset Managers (WCAM) in 2024.
Impax has experienced a similar trajectory. Its share price dropped about 90 % from the 1,072 p peak on 9 December 2021, and its AUM fell from £37.2 billion at 30 September 2024 to £26.1 billion at 30 September 2025, a decline of roughly 30 %. The GAM managers view Impax’s current valuation—around 0.60 % of AUM and 0.31 % of AUM net of a £64.7 million cash surplus—as a sign of deep undervaluation. They also note Impax’s sustainability focus, which they believe could make the firm an attractive target in a consolidating UK fund‑management market.
GAM Investments, headquartered in Zurich, is an independent asset‑manager listed on the SIX Swiss Exchange. As of 31 December 2025, the group had CHF 12.5 billion of assets under management. The special‑situations portfolios are part of GAM’s Alternatives business and are co‑managed by Saporta and Freeman.
The release clarifies that the information is for disclosure purposes only and does not constitute investment advice or a solicitation to buy or sell securities. It also notes that the views expressed are those of the portfolio managers as of the publication date and may change.
Liontrust and Impax are both under pressure from shareholders and investors. Liontrust’s recent acquisitions have been scrutinised for their impact on earnings and capital allocation, while Impax’s outflows and market volatility have prompted calls for strategic realignment.
GAM’s special‑situations strategy focuses on long‑ and short‑positions in companies undergoing significant corporate change. The managers’ decision to increase stakes in Liontrust and Impax signals a belief that both firms are undervalued relative to their underlying assets and that management actions have eroded shareholder value.
Market reaction to the announcement has been muted, with Liontrust shares trading within their usual range and Impax shares remaining volatile. No regulatory action has been announced in connection with the disclosures.
The situation remains fluid. Investors will be watching for updates from Liontrust’s board on governance and strategy, as well as Impax’s plans to address AUM decline and sustainability initiatives. GAM’s portfolios will likely continue to monitor the companies’ performance and adjust positions accordingly.
In summary, GAM’s special‑situations managers have increased their exposure to two UK fund‑management firms that have experienced significant share‑price and AUM declines. The managers view the companies as undervalued and believe that management decisions have eroded shareholder value. The developments underscore ongoing challenges in the UK asset‑management sector and the potential for consolidation.
