22nd Jul 2015 08:35
LONDON (Alliance News) - Liontrust Asset Management PLC Wednesday said the assets it manages dipped at the end of June, before recording an increase later in July, amid a backdrop of both domestic and international concerns for investors.
UK investors had been uncertain about the UK's General Election in May, ahead of the Conservative Party's unexpected majority victory, Liontrust said.
"We have experienced the benefits of this political stability through a return to net positive inflows into our UK-domiciled retail funds since the General Election," Chief Executive John Ions said in a statement.
Talks between Greece and its creditors over the country's bailout, as well as a big sell-off in the Chinese stock market, were an additional cause for concern among investors. The company also noted worries about bond market liquidity.
"While such an environment can be unsettling, we continue to provide certainty for investors in the consistent way in which we manage money through our distinct investment processes and the longevity of our fund management teams. We seek to take advantage of uncertainty where it produces investment opportunities for the benefit of our clients. The success of this approach is shown in the ongoing strong long-term performance of our funds," Ions said.
Assets under management amounted to GBP4.6 billion on July 20, Liontrust said, having been recorded at GBP4.46 billion at the end of June and at GBP4.49 billion at the start of April.
Net outflows in the three months ended June 30, the fund manager's first quarter, amounted to GBP7 million, it said, as outflows from institutional assets under management more than outweighed inflows to UK retail, discretionary portfolio management services, and offshore funds.
Market and investment performance represented a further GBP29 million hit to assets under management in the quarter.
Liontrust shares were down 7.4% at 315.00 pence on Wednesday morning.
By Samuel Agini; [email protected]; @samuelagini
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