The transatlantic tie-up between the two boutique asset managers comes at a time of depressed activity for M&A

City of London Investment Group, a £4bn fund manager focused on emerging-markets investments, has announced it plans to merge with US rival Karpus Management in an all-share deal valued at £78.4m.

Karpus, founded by chair George Karpus in 1986, invests client money worth $3.2bn, and the merger deal will create a combined group with around £6.7bn under management.

London-listed fund manager defies M&A freeze to combine with US rival

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