(Alliance News) - Liontrust Asset Management PLC on Friday said it has sold one investment team and closed two as part of a review in devoting resources and strategic focus.
The fund manager has decided to sell its Asia Income investment team to Somerset Capital Management LLP for GBP2 million in cash, payable over five years. The sale is expected to have a neutral effect on the company's earnings.
The sale of the Asian Income team, which managed GBP82 million in assets as at September 30, includes the right to manage the Liontrust Asia Income Fund. The Liontrust GF Asia Income Fund is not part of the sale and will be closed by the company.
The FTSE 250-listed company separately has decided to close the European Income and Macro Thematic investment teams.
The European Income team managed GBP111 million assets as at September 30, while Macro Thematic managed GBP84 million assets.
The Liontrust European Income and European Enhanced Income funds managed by the European Income team will be merged into the Liontrust European Growth Fund, the company said.
The Liontrust Macro Equity Income Fund will be merged into the Liontrust Income Fund, while the Liontrust Macro UK Growth Fund will be merged into the Liontrust UK Growth Fund.
"As a result of this rapid growth, we have been reviewing our fund ranges and evaluating where best to devote our resources and strategic focus over the next few years," Liontrust explained about the sale and closures.
Liontrust is scheduled to release a trading update for the six months ended September 30 on Wednesday next week.
Shares in the company were up 0.4% at 1,325.83 pence each in London on Friday morning.
By Tapan Panchal; firstname.lastname@example.org
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