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Liontrust assets under management down 12% on year amid more outflows

Wed, 17th Apr 2024 09:38

(Alliance News) - Liontrust Asset Management PLC on Wednesday acknowledged that is core investment strategies have been "out of favour" due to high interest rates globally, but it noted hopefully that "it appears the UK and other developed economies have reached peak interest rates".

London-based Liontrust focuses on long-term active management of investments.

It reported net outflows of GBP1.21 billion in the fourth quarter of its financial year, which ended on March 31. This left assets under management and advice down 12% on a year before at GBP27.8 billion. Compared to December 31, AuMA was marginally higher, thanks to GBP1.22 billion in positive market and investment performance.

AuMA has slipped marginally since start of the new financial year, down to GBP27.6 billion as of Friday last week.

"We start the new financial year with confidence to drive the business forward after the challenges of the last 18 months," said Chief Executive Officer John Ions.

Liontrust suffered GBP3.21 billion in net outflows in the first half of its financial year and GBP1.66 billion worth in the third quarter, meaning net outflows exceeded GBP6 billion in its recent financial year.

What's more, in August, Liontrust admitted that its offer to buy Zurich-based peer GAM Holding AG had been unsuccessful, supported by only a third of GAM shareholders.

"Liontrust is investing in our technology, data and digital infrastructure which will improve the efficiency of the business and operations and enhance the experience of our clients," Ions said. "These projects will start bearing fruit during 2024."

Liontrust shares were up 4.4% to 665.00 pence early Wednesday in London.

By Tom Waite, Alliance News editor

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