10th Oct 2024 12:10
(Alliance News) - Liontrust Asset Management PLC on Thursday said it continued to improve its business to achieve strategic objectives, but noted softened investor enthusiasm.
The London-based company which focuses on long-term active management of investment said investor enthusiasm has been damped by pre-UK budget uncertainty, largely stemming from doubt around possible "changes to taxation and reliefs".
"This has contributed to another quarter of net outflows as the challenging environment for active managers has continued for longer than anticipated," Chief Executive Officer John Ions said.
Nonetheless, net outflows eased up 28% to GBP1.14 billion in the second quarter ended September 30, from GBP1.58 billion a year prior.
Assets under management and administration fell to GBP25.96 billion, from GBP27.04 billion a quarter earlier.
CEO Ions said: "Liontrust continues to improve the business to achieve our strategic objectives. We have strengthened data management, delivery and analysis through the implementation of a new enterprise portfolio management system. This will enhance the reporting and digital services we provide clients, provide significant benefits to our investment management and risk teams, and deliver productivity gains and efficiencies across the business."
Liontrust shares fell 3.2% to 511.00 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News slot editor
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