Liontrust reveals fall in AUM
Liontrust Asset Management has announced a 60 per cent fall in assets under management (AUM) in its preliminary results, following the resignation of two key managers earlier this year.
Liontrust's appointment of two internal managers to replace William Pattisson and Jeremy Lang did not prevent AUM falling from £4.7bn to £1.9bn in the year to March 31. By June 9, AUM had fallen further to £1.2bn.
The firm described the past financial year as "arguably the most difficult Liontrust has ever faced", and cut its dividend by 40 per cent.
Separately, the group announced Adrian Collins would succeed Bernard Asher as chairman, after joining immediately as deputy chairman and non-executive director.
