A general meeting today of shareholders of Liontrust Asset Management approved the deal.

Liontrust will create new shares to pay for the deal which will see all GAM shares acquired.

The proposal resolutions were passed by more than 80% of Liontrust shareholders.

The deal will see GAM signing agreements with Carne Group to sell its third-party fund management services businesses.

David Jacob, chairman of GAM Holding AG, said: “I am delighted that Liontrust shareholders strongly support the offer.

“The GAM Board unanimously recommends the offer which was made after extensive due diligence by a highly regarded peer with a heritage in fund management. The enlarged business will have a strong balance sheet, a broader array of excellent investment products, a global distribution footprint and the capability to deliver synergies and growth, in which GAM shareholders can participate in the future.

“The Liontrust offer is also strongly supported by the senior portfolio managers of GAM, who believe that it is in the best interests of our clients.”

The offer period started on 28 June and is expected to conclude on 25 July.

The final results of the main offer period are expected to be published on 31 July and completion of the transaction is currently expected to take place during the fourth quarter.

The financial terms of the deal have not disclosed, but Liontrust said earlier this year it would issue 9.4m new ordinary shares with GAM shareholders expected to own 12.6% of the combined firm.

GAM is headquartered in Zurich and employs 594 people in 14 countries and has UK investment centres in London and Cambridge.

Liontrust plans to merge the investment management businesses which will have 12 funds with assets over £1bn (7 managed by Liontrust and 5 by GAM).

The fund manager intends to rebrand all GAM funds as Liontrust after the completion of the acquisition.

Liontrust said the deal would help broaden its fund range and asset classes, including fixed income, thematic equities and alternatives.

Liontrust said the deal will expand its distribution globally. Currently 62% of GAM’s assets are sourced from Continental Europe, whereas Liontrust’s assets under management predominantly come from the UK.

John Ions, CEO of Liontrust, said earlier this year: “This is a significant acquisition that accelerates the growth of Liontrust through enhancing our distribution globally, product capability and investment talent.

Liontrust has made other acquisitions in recent years and bought Majedie Asset Management for £41m a year ago. The acquisition included taking on the management of the £1.1bn Edinburgh Investment Trust.