Alliance Trust negotiated bargain-basement fees from its new fund managers after completing a strategic review that has also led to a deal to sell its investment arm.

UK-listed fund manager Liontrust will pay up to £30 million in cash and shares for Alliance Trust Investments, according to a December 15 statement. The deal will boost Liontrust's assets by around £2.3 billion to £8 billion and see the ATI equity team, led by Peter Michaelis, transfer to Liontrust.