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Liontrust duo back with new absolute return funds

Former Liontrust investment directors Jeremy Lang and William Pattisson are making their return to fund management with three absolute return funds.

The managers hope to gain FSA approval by the end of September to launch growth, income and global Dublin-based Ucits III funds to the retail market under their new brand Ardevora Asset Management.

They are to begin running the portfolios in paper form before the end of the month.

Lang says: “Our intention is to launch three funds based on the two investment processes we have many years’ experience with. We have spent the last five months knocking them to pieces and building them back up.”

Lang and Pattisson plunged Liontrust into chaos when they resigned in January 2009, triggering a 33 per cent fall in the company’s share price in a day.

Ardevora marketing material says the funds will take long and short positions towards equities, with a natural long bias.

The firm now has a staff of eight, including Ben Fitchew, who left Liontrust to join Ardevora in March, and former NewSmith Capital Partners analyst Gianluca Monaco.

Hargreaves Lansdown senior analyst Meera Patel says: “The key thing for them is to get good performance under their belt from day one.”

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