RIT Capital Partners, the £2 billion investment trust chaired by Lord Rothschild, is to keep up its involvement in the UK's funds industry with the acquisition of GVO Investment Management, a £350 million activist manager.

The deal, announced this morning, means that the Rothschild trust will continue to be the owner of a UK-based funds business, following the sale of its stake in the Scottish manager Martin Currie to Legg Mason earlier this year. The terms of the deal were not disclosed.