Liontrust scraps global equity team after a year
Share
Liontrust Asset Management has axed 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 to rebuild Liontrust in June last year after the resignation of key managers Jeremy Lang and William Pattisson. Ross Hollyman joined in January with three investment managers joining the previous October.
Since Legge’s resignation, John Ions, incoming chief executive, has axed the team 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 the dividend cut by two-thirds to 2.5p, profits plunge by 95 per cent and assets under management drop from £1.9bn to £1.1bn.
Liontrust says it remains confident in the company’s three remaining fund management teams as well as increasing the assets managed by them.
Chelsea Financial Services managing director Darius McDermott says: “It is surprising that the team has come and gone in such a quick space of time. It is clear that Liontrust are focusing on raising assets on the short to medium term.”
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
