Liontrust Asset Management PLC made a pre-tax profit of GBP1.7 million for the six months to 30 September 2011, according to the company’s latest Half Yearly report, This compares favourably with a loss of GBP3.9 million for the same period in 2010.
The company’s adjusted profit before tax was GBP22,000 (2010: Adjusted loss before tax of GBP1.6 million), while assets under management (AuM) totalled GBP1,192 million as at 30 September 2011 (2010: GBP1,128 million). AuM as at close of business on 10 November 2011 was GBPGBP1,354 million
John Ions, Chief Executive, says: “The GBP59 million of net inflows that Liontrust delivered in the six months to 30 September means we have achieved positive sales for five consecutive quarters. We have also recorded net positive inflows of GBP12 million since the start of the latest quarter on 1 October. This is a great achievement given the recent volatility in stock markets, the uncertainty this produces among investors and the fact that in the third quarter of 2011 net retail fund sales across the industry hit their lowest level since 2008.
“A key objective of everything we do at Liontrust is to grow our assets under management. This will be achieved by continuing to increase inflows into our funds through ongoing strong performance and broadening our client base. We have been delivering both of these, with five of our actively managed unit trusts being in the first quartile of their respective IMA sectors over three months to 31 October 2011. This provides the bedrock for growing our assets under management over the long term.
“The second way to grow assets under management is to expand into new asset classes and expand our fund management expertise. We have made our first step in this direction by completing the acquisition of Occam Asset Management. This provides us with fund management capability in Asia and Emerging Markets, which we anticipate will be two of the faster growing asset classes over the long term. We will be launching new funds for the two teams in 2012 to meet strong investor demand for these asset classes.
“Another attraction of the Occam acquisition is that it enhances our distribution capability, notably outside the UK.
“These developments all give me great confidence that we can continue to deliver positive inflows across our range of funds, leading to continued growth in our assets under management and therefore increased revenues and profitability.”
