Trading Update

RNS Number : 1500J

Liontrust Asset Management PLC

25 March 2010

 



Embargoed until 7am on 25 March 2010

Stock Exchange Announcement

LIONTRUST ASSET MANAGEMENT PLC

Trading Update

Liontrust Asset Management PLC ("Liontrust" or "the Group"), the specialist independent fund management group, is today issuing its trading update for its financial year ending 31 March 2010.

Funds under Management

On 24 March 2010, our funds under management stood at £1.160 billion and were broken down by type and process as follows:-

Process	Total £m	Institutional £m	UK Retail £m	Offshore Funds £m
Cashflow Solution	834	312	479	43
Economic Advantage	245	0	245	0
Fixed Income	24	0	0	24
Indexed	57	0	57	0
Total	1,160	312	781	67

Performance fees

Performance fees of £0.1 million were earned between 1 January 2010 and 24 March 2010. Accordingly, in the financial year, performance fees of £3.4 million have been earned.

Funds Flows

A reconciliation of fund flows and funds under management over the period 1 January 2010 to 24 March 2010 is as follows:-

	Total £m	Institutional £m	UK Retail £m	Offshore Funds £m
Opening FuM - 1 Jan 2010	1,180	316	795	69
Inflows	39	3	24	12
Outflows	(92)	(22)	(60)	(10)
Net flows	(53)	(19)	(36)	2
Market movement	33	15	22	(4)
Closing FuM - 24 Mar 2010	1,160	312	781	67

Fund Launches

The Liontrust Credit Absolute Return Fund, which is an absolute return sub-fund of our Luxembourg SICAV, was launched on 17 March 2010 with an initial EUR 10.4 million in assets (includes £4m of seed capital provided by the Company). Indications of interest from other investors suggest the fund may grow significantly in size over the next few months.

Head of Retail

John Ions joined Liontrust in February 2010 in a new role as Head of Retail. Mr Ions is a key appointment as Liontrust seeks to expand its sales in the retail market, including via IFAs, discretionary managers, platforms and life companies.

Mr Ions had been Chief Executive of Tactica Fund Management from when it was established in 2005. Previously, Mr Ions was Joint Managing Director of SG Asset Management and Chief Executive of Societe Generale Unit Trusts Limited, having been a co-founder of the business in 1998. Mr Ions was also formerly Head of Distribution at Aberdeen Asset Management.  

Cost reduction and restructuring programme

Liontrust announced on 4 February 2010 that the board had decided to implement a cost reduction programme with the aim of reducing administration costs by approximately £2.5 million per year, which will take effect during the year ending 31 March 2011. This programme is ongoing and progress to date has been in line with the board's expectations.

Global Equity Fund Management Team

On 4 February 2010, Liontrust announced details of proposals to set up a new group company, Liontrust Global Investment Services Limited, and that further information would be contained in a circular. The circular was expected to be sent to shareholders in March for the purposes of approving the proposals. It is now the intention of the Company to send the circular to shareholders in July to accompany the Notice of Annual General Meeting with the associated General Meeting taking place immediately after the Company's Annual General Meeting.

Preliminary Results

The Group's preliminary results are due to be announced on 16 June 2010.

For further information please contact:

Liontrust Asset Management PLC Nigel Legge Vinay Abrol Simon Hildrey - Marketing & Communications Director	020 7412 1700 www.liontrust.co.uk
Altium Sam Fuller Paul Chamberlain	020 7484 4040

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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