Liontrust sees £924m outflows
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The group, which was left reeling by the departures of leading fund managers Jeremy Lang and William Pattisson earlier this year, has seen its total funds under management fall from £1.88bn to £1.27bn
Institutional outflows accounted for £821m of the loss, while retail and offshore outflows accounted for £103m. The impact of outflows was partly offset by a £315m market movement in the half year trading update period between April 1 and September 22, 2009.
Performance fees have also fallen to £724,000 between April 1 and September 25, 2009, compared to £1.2m of performance fees made over the same period in 2008.
Liontrust has continually looked to widen its fund range in the past couple of months. The group has already launched a European absolute return fund and has made commitments to launch a number of global and regional funds following the appointment of Ross Hollyman and his team from GAM. Hollyman officially joins the firm in January.
Liontrust chief executive Nigel Legge says: “Liontrust has begun to stabilise after the most challenging six months for the business since it was established in 1995. Net fund outflows slowed substantially in the second half of the Period, we are adding Ross Hollyman and his team to our existing fund management capability and we successfully launched the Liontrust European absolute return Fund in July, for which we have raised nearly £20 million in assets so far. Liontrust has also benefited from earning some healthy performance fees during the Period. We are confident of making progress during the financial year as a whole given the strong long-term track record of our fund managers, the planned expansion of our product range and healthy and encouraging dialogue with potential investors.”
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