Liontrust in quarterly outflow but outlook 'becoming more positive'

Liontrust Asset Management PLC on Tuesday reported a decline in assets under management, but sees the backdrop going forward as ‘more favourable’.

The asset manager said assets under management and advice in the three months to September 30, the end of its second quarter, fell 2.7% to £22.01 billion from £22.62 billion at the start of July.

It reported net outflows of £1.2 billion, accelerating from £1.1 billion a year prior.

‘Over the past few quarters, we have written about our belief that the market environment going forward will be more favourable for active managers. We are now seeing clients seeking to diversify away from the US and towards active management, and this is shown in an acceleration of interest in Liontrust strategies,’ Chief Executive Officer John Ions said.

‘We are having success among institutional investors and wealth managers, notably internationally. This includes new mandates as yet unfunded and being added to clients’ buy lists. This progress has been slower than as we had hoped, however, leading to £1.2 billion of net outflows in the last quarter, which were spread across wealth manager, adviser and retail clients in the UK.’

Liontrust said its assets under management and advice edged up slightly to £22.2 billion as of Friday.

Ions added: ‘In spite of this challenging period for flows, the outlook is becoming more positive for active management and Liontrust.’

Liontrust shares fell 2.1% to 321.00 pence each in London on Tuesday morning.

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