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Liontrust putting faith in its own fund stars

Liontrust chief executive Nigel Legge has suggested that the investment processes of outgoing star managers Jeremy Lang and William Pattisson are outdated and predicts that their replacements will outshine them.

The company last week announced the appointments of Gary West and James Inglis-Jones to the first income and first large-cap funds, as well as Anthony Cross and Julian Fosh’s appointments to the first growth fund.

Advisers questioned the moves, with some pinpointing outflows of more than £1bn from UK and European equity assets under management during the first quarter.

Legge says West and Inglis-Jones’s cashflow solution and Cross and Fosh’s economic advantage processes are more forward thinking than Lang and Pattisson’s approaches.

He says: “Both Lang and Pattisson’s processes traditionally did well, in that they found stocks that surprised before they surprised but as time has gone on, that has become more difficult to achieve through their current processes.

“We feel that the new processes can do that again, as they are an evolution of the work. Why should we look for a big-name fund manager or managers when we have experienced names with stellar track records in house?”

Chelsea Financial Services managing director Darius McDermott says: “Lang waited for the momentum to change before buying stocks. The proof will be in the numbers”


Commercial vehicle

This week, I move away from the stockmarket, which at least for the time being is showing signs of life. Now is the time to look once again at the commercial property market. Some of you may know that I have been outspoken in my negative view on this market for quite a few years.

Latin America fund for First State

First State Investments is to launch a Latin America fund, targeting UK and European wholesale and institutional investors. It will be managed by Jonathan Asante and Millar Mathieson with Alan Nesbit as deputy fund manager.

Lincoln absorbs pledge cost

Lincoln Financial Group insists it has no plans to put up prices on the guarantees offered on its i2 Live product or reduce the maximum equity.

FTSE buoyed by M&S

The FTSE 100 opened 20 points higher today at 3,763 as equities rebounded from yesterday’s sell off.


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