14th Jul 2023 09:15
(Alliance News) - Liontrust Asset Management PLC on Friday said assets under management and advice fell in the first quarter of the financial year, but noted a robust outlook.
The London-based asset manager said in the three months to June 30, its assets under management and advice at June 30 were GBP29.51 billion, down 6.1% from GBP31.43 billion at April 1. This fell by a further 1.7% to GBP29 billion as at Wednesday.
This was attributed to net outflows of GBP1.62 billion, while GBP294 million was lost through market and investment performance.
Nevertheless, Liontrust said its business is in "robust health, noting the benefits of the proposed acquisition of Zurich-listed GAM Holding AG, suggesting the opportunity will offer "a strong platform" for future growth", as well as diversify its funds and increase its investment talent.
The company also announced on Friday that the GBP96 million acquisition was approved at its general meeting last week.
Shares in Liontrust were down 5.1% at 673.00 pence each in London on Friday morning.
By Sabrina Penty, Alliance News reporter
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