Interim Management Statement

RNS Number : 5977V

Liontrust Asset Management PLC

14 July 2009

 



Stock Exchange Announcement

LIONTRUST ASSET MANAGEMENT PLC

Interim Management Statement

Liontrust Asset Management PLC ('Liontrust' or 'the Group'), the independent fund management group specialising in equities and fixed income, is today issuing its Interim Management Statement for the period from 1 April 2009 to 30 June 2009 (the 'Interim Period') as required by the FSA's Disclosure and Transparency Rules. 

Funds under Management

On 30 June 2009, our funds under management stood at £1.123 billion and were broken down by type and process as follows:-

Process	Fund Manager	Total (£m)	Institutional (£m)	Retail & Offshore (£m)
Cashflow Solution	West / Inglis-Jones	789	273	516
The Economic Advantage	Cross / Fosh	226	0	226
Fixed Income	Thorp / Sclater	34	0	34
Indexed	Out-sourced	45	0	45
Legacy UK Growth/Large Cap	West / Inglis-Jones	29	29	0
Total		1,123	302	821

Performance

Performance fees of £583,000 were earned in the Interim Period (1 April 2008 to 30 June 2008: £nil). Of this amount, £526,000 was earned from performance fees on the Liontrust Credit Fund. 

Funds Flow

Net redemptions of offshore and retail funds were £76 million in the Interim Period. Net institutional assets amounting to £826 million were withdrawn in the Interim Period, and most of these were withdrawn before our preliminary results for 2009 were released on 10 June 2009. 

A reconciliation of fund flows and funds under management over the Interim Period are as follows:-

	Total (£m)	Institutional (£m)	Retail & Offshore (£m)
Opening FuM - 1 April 2009	1,888	1,069	819
Inflows	27	9	18
Outflows	(929)	(835)	(94)
Net flows	(902)	(826)	(76)
Market movement	137	59	78
Closing FuM - 30 June 2009	1,123	302	821

New Fund Managers and Fund Launches

On 22 June 2009, Liontrust announced that Ross Hollyman will be joining the Group from GAM in January 2010. His appointment has been very well received by clients and investors.

On joining Liontrust, Mr Hollyman will develop the Global Value, Global Earnings Surprise and Global Multi-Factor equity investment processes (the 'Global Equity Investment Processes') in the company's latest move to diversify its product range. This will include the launch of the Liontrust European Value fund.

Liontrust has also recruited the three members of Mr Hollyman's investment team at GAM. Nikki Martin, Rob Cornish and Tom Ayres will join Liontrust in October 2009.  

On 8 July 2009, Liontrust launched the European Absolute Return fund, which is a UCITS III version of the Liontrust European Long/Short Fund that is managed by Gary West and James Inglis-Jones using their Cashflow Solution investment process. The sterling share class of the Liontrust European Long/Short Fund, which is available for professional investors only, returned 51.61% from launch on 6 December 2006 to 30 June 2009 against a loss of 14.80% by the FTSE All-World Developed Europe Index, according to Financial Express.  

Liontrust is planning other fund launches later this year. These include the long only Liontrust Strategic Bond Fund and Liontrust High Yield Fund, which will be managed by the fixed income team recruited from Ilex in March 2009. It is proposed that these two Funds will be launched in the fourth quarter of 2009, subject to regulatory approval. 

Liontrust is also considering the launch of a UCITS III version of the Liontrust Credit Fund for the retail market. From the start of 2009 to the end of June 2009, the euro share class of the Fund was up 10.03%, having returned 5.01% in April and 4.45% in May, while from launch in June 2000 to the end of June 2009 the Fund returned 59.79%.

Half year trading update

A trading update for the half year will be released on 23 September 2009.

For further information please contact:

Liontrust Asset Management PLC          020 7412 1700 

Nigel Legge                                           www.liontrust.co.uk

Vinay Abrol 

Simon Hildrey - Head of Communications 

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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