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£1.4M departures see Liontrust plunge to loss

Liontrust made a loss of £1.6m in the second and third quarters of this year compared with a £700,000 profit for the same period in 2009.

Figures published in an interim statement last week show the firm’s performance fees plummeted to £199,000 this year from £2.24m over the same period in 2009.

The company had to pay £665,000 in severance and consultancy costs and other related expenses to cover the departure of outgoing chief executive Nigel Legge.
The departure of Liontrust’s global equity team earlier this year cost £781,000.

The team had been at the firm for a matter of months before Liontrust undertook a strategic review and agreed with the team that its services were no longer required.

Assets under management declined from £1.28m to £1.25m in the year to the end of September but the company says it has had net positive sales of £76m since the beginning of October.

Liontrust says the increased net business follows moves to improve the firm’s client communication, branding and retail business.

Chelsea Financial Services managing director Darius McDermott says: “Liontrust has seen an improvement in performance with their income and European offerings both returning good numbers and, as a boutique, it is falling on to the adviser radar again.

“I would expect to see more assets come into the firm and for it to grow in the next couple of years.”

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