Gresham House acquired the fund and investment management business of Livingbridge for £30m. The transaction will see Gresham House commit to a deferred payment of up to £10m, contingent upon a number of factors and Livingbridge will also receive £7m in shares in Gresham House as part of the transaction which supports the intention for a long-term relationship. The acquisition combines two UK focussed asset managers with aligned investment philosophies, and enhances the investment expertise and depth in Gresham House's existing Strategic Equity team. Upon completion, Gresham House's assets under management will be over £2bn. The Acquisition will increase the Group's momentum towards its 40%. operating margin target. The Group has identified a number of cost synergies in the business and will also benefit from greater investment management and distribution capacity following completion of the transaction.