Liontrust assets hit £3.6bn on increased profits

Liontrust Asset Management has reported that assets under management rose 19 per cent to reach £3.6bn in the year to March 31 2014.

In its full year results the company announced pre-tax profits of £3.7m, compared to a £3.9m loss in 2013.

Net inflows in the period were £381m, with net inflows across four of its fund management teams, although this is down from inflows of £514m in the previous year.

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Chief executive Jon Ions hailed a “very successful year” for Liontrust, citing the strength of its UK equity proposition as “particularly impressive”.

He highlighted the acquisition of multi-asset specialist North Investment Partners during the year.

Liontrust revealed that adjusted profit before tax soared 122 per cent to £8.4m in the year to end of March, while revenues were up 39 per cent compared to the same period last year.

Mr Ions said he expected the business to benefit from the tailwinds “pushing the fund management sector as a whole”.

He added: “One of the most prominent is the fact that the ageing population is having to take more responsibility for their pre and post-retirement investment planning. This opportunity was enhanced still further with the announcement in the Budget that the obligation to buy an annuity will be removed.

“We are well positioned to take advantage of this with our strong range of equity income funds, our multi-asset/multi-manager proposition and our expanding sales in the retail market.”

Liontrust has declared a second interim dividend of 2 pence per share.