Boutique fund manager Liontrust has reported a sharp drop in assets in the first three months of the year to March end.
The firm saw its assets under management and advice (AuMA) drop from £19.1 billion (€21.9 billion) to £16.1 billion by the end of the quarter.
Compared to the same period last year, however, AuMA was still up by nearly 30%.
Throughout the quarter, the firm – which acquired rival Neptune last year – had net inflows to the tune of over £490 million.
It also closed the financial year with £2.7 billion of net inflows, the fund manager reported.
The firm also saw positive flows for the period April 1 to April 9, with AuMA of £1.8 billion at close of business on April 9, despite market turbulence.
Chief executive John Ions said: “Liontrust went into the pandemic in a strong position, and by maintaining the processes we have put in place over the past decade, we have been able to replicate how we work normally.”
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