19th Jul 2022 11:11
(Alliance News) - Liontrust Asset Management PLC on Tuesday reported that its assets grew in its first quarter, despite a challenging economic environment that hampered its growth.
For the three months ended June 30, the London-based asset management firm's assets under management and advice stood at GBP34.2 billion. This reflects a 2.1% increase from GBP33.57 billion on the same date a year before.
Compared to GBP33.55 billion as at April 1, assets under management and advice increased 1.9%.
This can be put down to the acquisition of Majedie Asset Management Ltd. The FTSE 250 company completed the acquisition of the investment management company in the period, which added GBP5.15 billion to its assets under management and advice.
Net outflows totalled GBP541 million in the three months to June 30. The market and investment performance hit net assets by USD3.91 billion.
Liontrust said that a challenging environment, due to the war in Ukraine, inflationary pressures, supply chain issues, and strains on economic growth, hampered its performance and net flows.
"This continues to be a challenging year for investors, especially those who have a bias towards growth stocks," Chief Executive John Ions said.
Nonetheless, the company said that it remains confident about its long-term prospects.
Shares in Liontrust Asset Management were trading 0.2% higher at 906.00 pence in London on Tuesday morning.
By Abby Amoakuh; [email protected]
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