Independent fund management group Liontrust Asset Management has released its results for the year ended 31 March 2012.
The group’s adjusted profit before tax was GBP1.0 million (2011: loss of GBP1.7 million), while assets under management as at 31 March 2012, totalled GBP1.5 billion (2011: GBP1.3 billion). At slose of business on 18 June 2012, assets under management were GBP2.1 billion.
Liontrust’s net inflows for the year to 31 March 2012 were GBP152 million (2011: GBP81 million). So far in the current quarter from 1 April 2012 to 18 June 2012, Liontrust has recorded net inflows of GBP94 million.
John Ions, chief executive, says: “This has been another year of good progress for Liontrust. At a challenging time for investment management companies, we have built excellent foundations to enable the Group to continue to grow in the future.
“Liontrust has increased revenues from Continuing Operations by 54% and returned to profitability (on an adjusted basis). Non people costs were reduced by 5% during the year, reflecting tight cost controls by the Group.
“We enjoyed net inflows in all four quarters in the year, totalling GBP152 million. This has extended our sequence of net positive sales to seven successive quarters and net inflows have continued into the new financial year: in the current quarter from 1 April 2012 to 18 June 2012, Liontrust has recorded net inflows of GBP94 million.
“Our assets under management grew from GBP1.343 billion to GBP1.529 billion at the end of March 2012 and to GBP2.108 billion at the close of business on 18 June. The acquisitions of Occam and Walker Crips Asset Managers Limited have broadened our fund management range and distribution capability.
“This has been achieved despite the ongoing global economic uncertainty and the fact that either UK All Companies or Europe Excluding UK was the least popular retail sector on a net basis in five out of the six months to the end of March 2012. The trend continued with Europe Excluding UK being the worst selling retail sector in April 2012.
“Liontrust’s success is a testament to a number of factors; primarily our continued excellent fund performance. This is shown by the fact that 89% of Liontrust’s unit trust funds (excluding Liontrust FTSE 100 Tracker Fund (index fund) and Liontrust Asia Income Fund (which was launched in March 2012)) outperformed their respective IMA sectors in the 12 months to 31 March 2012 and since launch/manager change (weighted by number of funds).
“It also reflects the high quality of people across the business, the enhanced profile of Liontrust, our fund managers and products, the greater engagement we have now with our clients and the broader client base we have built.
“We are confident we will continue to grow the business in the future. We have one of the strongest ranges of UK equity funds and teams, we have broadened into Asia and Emerging Markets equities, we have expanded our sales capability in the UK and internationally and we are well positioned for the changes to the distribution market following the implementation of RDR.”
