Last checked at 11 Oct 2017 07:00
Embargoed until 7am on 11 October 2017
Stock Exchange Announcement
LIONTRUST ASSET MANAGEMENT PLC
Half Year End Trading Update
Liontrust Asset Management Plc ("Liontrust"), the specialist independent fund management group, today issues its half year end trading update for the six months ended 30 September 2017.
Highlights
· Assets under management ("AuM") were £9.6 billion(1) as at close of business on 30 September 2017 (31 March 2017: £6.5 billion), an increase of over £3.1 billion(1) or 48% over the 6 months period
· Net inflows of £156 million in the three months ended 30 September 2017 and £178 million for the six months ended 30 September 2017
· AuM as at close of business on 9 October 2017 was £9.810 billion
(1) Includes £2.5 billion of AuM which was added on completion (1 April 2017) of the acquisition of Alliance Trust Investments Limited ("ATI").
Commenting, John Ions, Chief Executive, said:
"We have delivered another two quarters of positive net inflows in the first half of our financial year, totalling £178 million and increasing our AuM to £9.8 billion (9 October 2017).
In the six months since we completed the acquisition of Alliance Trust Investments ("ATI"), its assets have grown by more than 10% to £2.8 billion. The team has integrated extremely well and, with impressive performance over a long period, it is well placed to benefit from the increasing demand for sustainable investment.
The recent hiring of David Roberts and Phil Milburn from Kames Capital, who will join in January, further diversifies our fund manager capability. They have a successful track record of managing a range of fixed income funds and have a strong following among investors in the UK and Continental Europe.
Asset managers have some key decisions to make over the next year that will determine the shape and success of their businesses in the future. While making these decisions, it is imperative to have a clear vision and focus of what your clients want going forward. Like our investors, we have a long-term goal and are mindful that getting caught up in the short-term noise must not distract us from this.
We are well placed to embrace the opportunities and deal with the challenges of the future. This comes through our ability to adapt, the strength and breadth of our fund management teams, the relationships and engagement we have with our clients, our brand profile and the trust investors place in us, and the fact we have a clear strategy and vision for where we are taking Liontrust."
Funds under Management
On 30 September 2017, our AuM stood at £9,640 million and were broken down by type and process as follows:-
Process | Total | Institutional | UK Retail | Multi-Asset | Offshore Funds |
| (£m) | (£m) | (£m) | (£m) | (£m) |
Cashflow Solution | 947 | 507 | 322 | - | 118 |
Economic Advantage | 4,404 | 283 | 4,046 | - | 75 |
Macro Thematic | 459 | 124 | 308 | - | 27 |
European Income | 244 | - | 244 | - | - |
Asia | 111 | - | 99 | - | 12 |
Sustainable Investment | 2,792 | 52 | 2,542 | - | 198 |
Multi-Asset | 634 | - | - | 634 | - |
Indexed | 49 | - | 49 | - | - |
Total | 9,640 | 966 | 7,610 | 634 | 430 |
On 9 October 2017, our AuM was £9.810 billion.
Funds Flows
The net inflows over the three months to 30 September 2017 are £156 million (2016: £26 million). A reconciliation of fund flows and AuM over the three months to 30 September 2017 is as follows:-
| Total | Institutional | UK Retail | Multi-Asset | Offshore Funds |
| £m | £m | £m | £m | £m |
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Opening AuM - 1 July 2017 | 9,253 | 945 | 7,312 | 604 | 392 |
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Net flows | 156 | (11) | 126 | 23 | 18 |
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Market and Investment performance | 231 | 32 | 172 | 7 | 20 |
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Closing AuM - 30 September 2017 | 9,640 | 966 | 7,610 | 634 | 430 |
Liontrust has recorded net inflows for the half year are £178 million (2016: £92 million). A reconciliation of fund flows and AuM over the half year is as follows:-
| Total | Institutional | UK Retail | Multi-Asset | Offshore Funds |
| £m | £m | £m | £m | £m |
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Opening AuM - 1 April 2017 | 6,523 | 1,044 | 4,648 | 612 | 219 |
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Net flows | 178 | (160) | 303 | 2 | 33 |
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Acquisitions | 2,518 | 49 | 2,316 | - | 153 |
Market and Investment performance | 421 | 33 | 343 | 20 | 25 |
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Closing AuM - 30 September 2017 | 9,640 | 966 | 7,610 | 634 | 430 |
Fund Performance (Quartile ranking)
| Quartile ranking - Since Launch/Manager Appointed | Quartile ranking - 5 year | Quartile ranking - 3 year | Quartile ranking - 1 year | Launch Date/Manager Appointed |
Liontrust UK Growth Fund | 1 | 2 | 1 | 3 | 25/03/2009 |
Liontrust Special Situations Fund | 1 | 2 | 1 | 2 | 10/11/2005 |
Liontrust UK Smaller Companies Fund | 1 | 1 | 1 | 3 | 08/01/1998 |
Liontrust UK Micro Cap Fund | 3 | - | - | 3 | 09/03/2016 |
Liontrust Macro Equity Income Fund | 1 | 3 | 4 | 3 | 31/10/2003 |
Liontrust Macro UK Growth Fund | 2 | 4 | 4 | 3 | 01/08/2002 |
Liontrust European Growth Fund | 1 | 2 | 1 | 4 | 15/11/2006 |
Liontrust Asia Income Fund | 2 | 2 | 2 | 4 | 05/03/2012 |
Liontrust European Income Fund | 3 | 4 | 4 | 4 | 15/12/2005 |
Liontrust European Enhanced Income Fund (Hedged) | 4 | 4 | 4 | 4 | 30/04/2010 |
Liontrust Global Income Fund | 4 | - | 4 | 3 | 03/07/2013 |
Liontrust Monthly Income Bond Fund | 1 | 1 | 1 | 1 | 12/07/2010 |
Liontrust SF Absolute Growth Fund | 4 | 1 | 1 | 1 | 19/02/2001 |
Liontrust SF Corporate Bond Fund | 1 | 1 | 1 | 1 | 20/08/2012 |
Liontrust SF Cautious Managed Fund | 1 | - | 1 | 1 | 23/07/2014 |
Liontrust SF Defensive Managed Fund | 1 | - | 1 | 1 | 23/07/2014 |
Liontrust SF European Growth Fund | 2 | 2 | 1 | 2 | 19/02/2001 |
Liontrust SF Global Growth Fund | 4 | 2 | 2 | 1 | 19/02/2001 |
Liontrust SF Managed Fund | 3 | 1 | 1 | 1 | 19/02/2001 |
Liontrust UK Ethical Fund | 2 | 1 | 1 | 1 | 01/12/2000 |
Liontrust SF UK Growth Fund | 2 | 1 | 1 | 1 | 19/02/2001 |
Source: Financial Express, total return (income reinvested and net of fees), bid to bid, to 30 September 2017 unless otherwise stated, based on primary share classes. The above funds are all UK authorised unit trusts or UK authorised ICVCs (primary share class). Liontrust FTSE 100 Tracker Fund (index fund) not included. Past performance is not a guide to the future; the value of investments and the income from them can fall as well as rise. Investors may not get back the amount originally subscribed. Quartile rankings correct as at 03/10/2017.
MiFID II
Access to insightful research makes a valued contribution to the successful implementation of our investment processes. Ensuring our fund managers and analysts continue to be able to use the right balance of external research, quality data and good investment tools at the appropriate cost is important in being able to provide successful active management now and into the future. The market for research is still evolving and we have been engaging with research providers over the last year to agree our requirements going forward. We will be detailing our plans for research and all the other requirements under MiFID II in due course.
Notice of Half Year Results Announcement
Liontrust confirms that it will be announcing its half year results for the six months ended 30 September 2017 on Thursday, 23 November 2017.
For further information please contact:
Liontrust Asset Management Plc 020 7412 1700
John Ions www.liontrust.co.uk
Vinay Abrol
Simon Hildrey - Chief Marketing Officer
Numis Securities Limited 020 7260 1000
Corporate Broking & Advisory - Charles Farquhar, Andrew Holloway
Macquarie Capital (Europe) Limited 020 3037 2000
Advisory - Jonny Allison, Kavita ChoitramCorporate Broking - Alex Reynolds, Nicholas Harland
Forward Looking Statements
This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and businesses and plans of Liontrust. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that have not yet occurred. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. As a result, the Liontrust's actual future financial condition, results of operations and business and plans may differ materially from the plans, goals and expectations expressed or implied by these forward-looking statements. Liontrust undertakes no obligation publicly to update or revise forward-looking statements, except as may be required by applicable law and regulation (including the Listing Rules of the Financial Services Authority). Nothing in this announcement should be construed as a profit forecast or be relied upon as a guide to future performance.
Other information
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ENDS