Fund management group Liontrust has reported strong growth in its assets under management (AUM) driven significantly by retail inflows.
Liontrust’s assets rose to £9.3 billion (€10.5 billion) in June from £6.5 billion in March, the company said in its latest results.
The increase is mainly down to Liontrust’s acquisition of Alliance Trust, which increased AUM by £2.5 billion.
However, UK retail net inflows were the second highest for over seven years at £177 million – but overall net inflows were hit hard by a £149 million outflow from the firm’s institutional business, which was put down to one client.
This meant that overall net inflows in the first quarter were £22 million.
John Ions, chief executive, said: “The development of our brand and distribution over the last few years, coupled with strong investment performance, is again demonstrated by net retail flows of £177 million over the past three months.
“Total net flows of £22 million have been impacted by a single repatriation of assets from one institutional client.”
Broker Cantor Fitzgerald has retained its buy recommendation for Liontrust. It said Liontrust’s investment performance remained strong.
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