Liontrust says it faces a £415,000 hit to fund the FSCS interim levy to compensate for the likes of Keydata, Wills & Co and other failed investment firms.
The bill is a 1975 per cent increase on the £20,000 interim levy the firm was given in the previous financial year and is part of the £233m required from investment management firms to compensate for the failures.
The news comes as Liontrust announced a second quarter of positive net flows, with £76m seen in the last three months of 2010. The firm has now seen £86m of positive sales between July 1, 2010 and December 31, 2010.
Liontrust assets under management stood at £1,292bn at December 31, 2010 and at February 1, 2011 stood at £1,307bn. The group has taken in a total of £816,000 in peformance fees were earned in the interim period. In the financial year to December 31, 2010, a total of £1,013m was earned.
The group has also appointed Alastair Barbour to its board on April 1, 2011 as independent non-executive director and chairman of the Audit Committee, subject to FSA approval. Chief risk officer Chris Edmeades has notified his intention to step down from the board, with chief operating officer and chief financial officer Vijay Abrol taking his role for risk and compliance.