Interim Management Statement

RNS Number : 5591L

Liontrust Asset Management PLC

13 January 2009

 



13 January 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, is today issuing its Interim Management Statement for the period 1 October 2008 to 31 December 2008 (the 'Interim Period') as required by the FSA's Disclosure and Transparency Rules. 

Funds Under Management

On 31 December 2008, our funds under management stood at £3.381 billion, 13.6% lower than the level of £3.913 billion on 30 September 2008. The FTSE All-Share Index fell by 11% over the same period. As at 12 January 2009, funds under management stood at £3.460 billion.  

Performance

Performance fees of £7.0 million were earned in the Interim Period (1 October 2007 to 31 December 2007: £11.9 million).

Accordingly, in the financial year to 31 December 2008, performance fees of £10.9 million were earned (1 April 2007 to 31 December 2007: £12.3 million). Further accounts fall due for calculation of performance fees in the period to 31 March 2009.

Funds Flow

Gross sales of our unit trusts and offshore funds totalled £78 million over the Interim Period; net sales/redemptions were flat in the Interim Period. Institutional assets amounting to £60 million were withdrawn in the Interim Period. 

In the financial year to 31 December 2008, net redemptions of our unit trusts and offshore funds were £75 million whilst net institutional assets of £59 million were withdrawn. 

European Team

At the end of the Interim Period, £257 million was being managed by the European Team. Performance across our range of European funds since their inception has been strong.

In particular, attention is drawn to the movement in the share price of our European hedge fund, which was up 11% in 2008 and up 45% since launch*. 

Resignations of Jeremy Lang and William Pattisson

It was announced this morning that the Board has received notification of the resignations of Jeremy Lang and William Pattisson.

Mr Lang and Mr Pattisson will remain with Liontrust until 11 January 2010 in order to ensure an orderly handover of the funds they manage. We are in active communication with our clients regarding these developments. Jeremy Lang and William Pattisson currently manage unit trusts, offshore funds and segregated accounts, the assets of which totalled £3.076 billion as at 31 December 2008.

Strategy

The Board has been pursuing a clear strategy to develop Liontrust by diversifying its asset management capabilities away from its concentration on UK equities. This has been demonstrated by the success of the European Team which joined Liontrust in 2006. Liontrust continues to have discussions with potential new fund managers who fit Liontrust's strong process oriented approach to money management. 

We consider Liontrust to be in a strong financial position.  As at 30 September 2008 Liontrust's balance sheet had cash and financial assets of £18.2 million and no debt. In addition there will be the further benefit of the performance fees which will be receivable prior to the financial year end.

Approach

On 20 May 2008, Liontrust announced that it had received an approach that may or may not lead to an offer being made for the Group. Since that date, Liontrust has been in discussion with various parties. The Board has now terminated all ongoing discussions.

Preliminary Results

The Group's preliminary results are due to be announced on 10 June 2009 with the pre-close announcement scheduled for 25 March 2009.

* Liontrust European Long/Short Fund launched on 6 December 2006. Source: Liontrust International (Guernsey) Limited

For further information please contact:

Liontrust Asset Management PLC Nigel Legge Vinay Abrol  Simon Hildrey - Head of Communications	020 7412 1700  www.liontrust.co.uk
Altium  Ben Thorne Sam Fuller	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

 

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