Asset manager Liontrust has confirmed it has approached the board of GAM with a view to taking over its Swiss rival’s business and merging it with its own to create an asset manager with around £100bn in AUM.

Fund manager Liontrust has agreed to acquire smaller rival Majedie Asset Management in a deal worth up to £120m.

Former Liontrust Asset Management Chairman Adrian Collins has been appointed as a non-executive director (NED) at Hargreaves Lansdown following a renegotiation with Peter Hargreaves allowing him to nominate a NED to the board.

Liontrust Asset Management has reported an increase in assets under management of 61% - from £6.5bn to £10.5bn over the last year.