Liontrust Asset Management, the boutique fund management company, has acquired City veteran Robin Geffen’s Neptune Investment Management for £40m.

Liontrust said the acquisition will include Neptune’s fund management team, which is headed by Robin Geffen, who founded the firm in 2002 with just £25m under management. It added the acquisition will allow Geffen to “focus on managing funds and his investment team at Liontrust and not have to run an asset management business”. John Ions, chief executive of Liontrust, will head the combined group.