27th Jun 2019 09:53
(Alliance News) - Liontrust Asset Management PLC on Thursday reported a sharp rise in assets under management as the fund manager seen record inflows.
At March 31, the fund manager reported assets under management of GBP12.67 billion compared to GBP10.48 billion at the same point a year prior, which represents a 21% increase.
At June 25, Liontrust's assets under management stood at GBP14.05 billion, a further 11% increase from March 31.
Liontrust reported GBP1.78 billion of net inflows in the twelve month period to March-end, which the company said was a record.
Assets under management were also boosted by a GBP405 million positive market and investment performance.
"Liontrust's success over the past year has been achieved against a backdrop of political turbulence and slow global economic growth. This has led to retail investors being more cautious about committing their savings, with equity funds enduring negative flows in 10 of the past 12 months to the end of March 2019," said Chief Executive John Ions.
He continued: "Despite this market environment, we were able to generate strong sales throughout the year. The fact that each quarter of the latest financial year was among the top 10 in Liontrust's history for gross and net inflows reiterates the progress the Company continues to make."
Liontrust declared a total dividend for the period of 27.0 pence, 29% higher than the 21.0p distributed in the prior year.
The company's pretax profit was up 54% year on year at GBP19.0 million versus GBP12.3 million. Likewise, Liontrust reported a sharp jump in revenue, increasing 10% to GBP85 million from GBP77 million.
Ions added: "Moving all our funds - UK and Irish domiciled - to Bank of New York Mellon, with the company becoming our one administrator, has been completed. This has secured a solid foundation on which to support our future expansion.
"We continue to strive for a better future for Liontrust and most importantly for our clients. We will achieve this by delivering performance and value in a highly competitive market."
Shares in Liontrust were up 3.1% in London on Thursday at 740.00 pence each.
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