Liontrust axes global equity team
Share
Liontrust Asset Management has closed its global equity team just months after its final member joined from GAM.
Nigel Legge, who stood down as chief executive in May, hired the team to help, which includes Ross Hollyman, to rebuild Liontrust in June last year after the resignation of key managers Jeremy Lang and William Pattisson. The team moved in January 2010.
Since Legge’s resignation, John Ions, incoming chief executive, has let the team go with immediate effect and placed them on gardening leave following a cost-cutting review.
Ions announced the review after Liontrust’s latest results, which saw dividends cut by two thirds, profit before tax slashed by roughly 95 per cent and assets under management drop from £1.9bn to £1.1bn.
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
