Listed asset manager Liontrust announced today that it is buying Archiitas, a subsidiary of insurance behemoth AXA. The firm said the price of the deal is up to £75 million.

The firm’s move follows closely from last year’s acquisition of Neptune, a deal which was worth around £40 million.

Today’s announcement includes the target firm’s UK multi-manager team headed by Sheldon Macdonald, which on completion of the deal will merge with Liontrust’s multi-asset team headed by John Husselbee. In the new set-up Mr Macdonald will become deputy head of multi-asset.

Bulking up the mlti-asset offering seems to be the rationale behind the move as after it gets regulatory approval, Liontrust will have a multi-asset team overseeing £6.6 billion.

Post-merger Liontrust will have increased its assets under management by £5.6 billion  to 25 billion.

The firm will raise the money for the transaction by issuing over five million new shares as well as existing net cash.

John Ions, Chief Executive of Liontrust, said in a statment: "The Architas UK Investment Business is an important strategic acquisition for us to meet the growing demand for investment solutions from advisers and their clients over the next few years. It builds on and complements our existing investment solutions of multi-asset portfolios, Sustainable Managed and equity income funds.”