13th Nov 2013 12:34
LONDON (Alliance News) - Liontrust Asset Management PLC Wednesday said it swung to a half-year pretax profit, boosted by higher revenue, while it also registered net inflows to increase its assets under management over the course of the first-half of the year.
Liontrust said it made a GBP1.7 million pretax profit for the six months to September 30, compared with a GBP4.0 million pretax loss for the corresponding period last year, after revenues rose by two thirds to GBP13.6 million.
Net inflows totalled GBP315 million over the period, compared with GBP189 million the half-year prior, boosting assets under management by 42% to GBP3.4 billion year-on-year.
The results do not include proceeds from North Investment Partners Limited, which was acquired in October, in a deal that will help Liontrust to offer multi-asset classes.
"We are confident we can grow the team's AuM given the experience and ability of John Husselbee and Paul Kim in managing multi-asset portfolios, the focus of the business on providing advisers with access to cost-effective bespoke portfolio management and our own stronger brand and greater marketing and sales resources," Adrian Collins, Chairman, said in a statement.
Liontrust shares were Wednesday quoted at 254.47 pence, up 1.2%.
By Samuel Agini; [email protected]; @samuelagini
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