Half Year Trading Update

RNS Number : 4719T

Liontrust Asset Management PLC

29 September 2010

 



Embargoed until 7am on 29 September 2010

Stock Exchange Announcement

LIONTRUST ASSET MANAGEMENT PLC

Half Year Trading Update

Liontrust Asset Management PLC ("Liontrust", the "Company", or the "Group"), the specialist independent fund management group, is today issuing its half year trading update the period from 1 April 2010 to 28 September 2010 (the "Period").

Funds under Management

On 28 September 2010, our assets under management stood at £1,123 million and were broken down by type and process as follows:-

Process	Total (£m)	Institutional (£m)	UK Retail (£m)	Offshore Funds (£m)
Cashflow Solution	798	324	446	28
Economic Advantage	231	-	231	-
Credit	39	-	-	39
Indexed	55	-	55	-
Total	1,123	324	732	67

Funds Flows

Since 1 July 2010, Liontrust has enjoyed net inflows of £6.3 million.  This is the first quarter of net positive sales at Liontrust since the first calendar quarter of 2008. A reconciliation of fund flows and assets under management over the period from 1 July 2010 to 28 September 2010 is as follows:-

	Total	Institutional	UK Retail	Offshore Funds
	(£m)	(£m)	(£m)	(£m)
Opening AuM - 1 July 2010	1,013	280	662	71
Inflows	55	11	35	9
Outflows	(49)	(2)	(33)	(14)
Net flows	6	9	2	(5)
Market movement	104	35	68	1
Closing AuM - 28 Sep 2010	1,123	324	732	67

Performance fees

Performance fees of £153,000 were earned in the Period (1 April 2009 to 22 September 2009: £724,000).

Non-Executive Director

Jim Sanger is retiring as non-executive director of Liontrust Asset Management PLC on 24 November 2010 having joined the Board in June 1999. Commenting on Jim's retirement, Liontrust's Chairman, Adrian Collins, said: "On behalf of the Board, I would like to thank Jim Sanger for his valuable contribution over the past eleven years. We shall miss his judgement and wise counsel."

Liontrust will make an announcement in due course about a replacement non-executive director.

Fund Performance (Quartile ranking)

Fund	3 months	1 year	Manager tenure	Manager appointed
Liontrust First Income Fund	3	2	1	25/03/2009
Liontrust First Growth Fund	1	1	1	25/03/2009
Liontrust First Opportunities Fund	1	1	1	11/11/2005
Liontrust Intellectual Capital Trust	1	2	1	08/01/1998
Liontrust European Absolute Return Fund	2	4	4	09/07/2009
Liontrust Continental Europe Fund	2	1	1	15/11/2006

Source: Financial Express, total return, to 31 August 2010, past performance is not a guide to the future.

Head of Retail Distribution

Mark Allpress is joining Liontrust on 30 September as Head of Retail Distribution. Mark will be responsible for the sales team, focusing particularly on advisers, discretionary and wealth managers, platforms and life companies.

Mark has extensive experience in the asset management industry. Between September 2008 and July 2010, Mark was Head of Retail Distribution at Old Mutual Asset Management. He was responsible for the UK retail IFA, discretionary sales, strategic relationship and retail broker support teams.

Previously, Mark was Sales Director at BNY Mellon Asset Management from January 2000 to August 2008, having joined the company in June 1997.

Long-term Equity Incentivisation

On 17 August 2010, Liontrust announced that the Board planned to propose a new equity incentive plan to align the interests of directors and key management with shareholders. These proposals remain under consideration by the Board and further information will be sent to shareholders in due course for the purposes of approving the proposals.

Summary

John Ions, Chief Executive of Liontrust, said: "The fact we achieved net positive sales in the third calendar quarter is tangible evidence of the stabilisation of the business and recognition by the market of the excellent fund performance across our range of funds.

"We are confident we can build on these flows over the coming months given our continued strong fund performance, the appointment of Mark Allpress as Head of Retail Distribution, greater engagement with the market place and increased profile of our funds following the start of our advertising campaign in August.

"As part of our focus on controlling costs, the number of employees and partners has fallen from an average of 54 in the last financial year to 42 now.

"We would also like to place on record our thanks to Jim Sanger for all his hard work over many years as a Non-Executive Director of Liontrust."

Notice of Interim Results

The announcement of the Group's results for the six months ending 30 September 2010 will be made on 24 November 2010.

For further information please contact:

Liontrust Asset Management PLC                            020 7412 1700

John Ions                                                                             www.liontrust.co.uk

Vinay Abrol

Simon Hildrey - Marketing & Communications Director

Altium                                                                                  020 7484 4040

Sam Fuller

Paul Chamberlain

Forward Looking Statements

This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and businesses and plans of the Group. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that have not yet occurred. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. As a result, the Group's actual future financial condition, results of operations and business and plans may differ materially from the plans, goals and expectations expressed or implied by these forward-looking statements.  Liontrust undertakes no obligation publicly to update or revise forward-looking statements, except as may be required by applicable law and regulation (including the Listing Rules of the Financial Services Authority).  Nothing in this announcement should be construed as a profit forecast or be relied upon as a guide to future performance.

Other information

The release, publication, transmission or distribution of this announcement in, into or from jurisdictions other than the United Kingdom may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, transmitted or distributed should inform themselves about and observe such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction.

ENDS

 

END

 

 

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