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Liontrust sees £900m rise in assets after Argonaut fund buy

Liontrust sees £900m rise in assets after Argonaut fund buy

Liontrust has reported a £900m jump in assets under management in just six months, following the completion of its acquisition of Argonaut’s European Income business.

The asset manager saw its assets hit £5.7bn at close of business on 30 September, an increase of almost 19 per cent from the £4.8bn reported at the end of March. 

There was an additional £92m on net inflows into the company's funds during the six-month period.

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The acquisition of Argonaut Capital Partners’ European Income business was completed on 8 July, adding £272m of assets under management.

Argonaut founder Olly Russ moved to Liontrust back in July to manage the company’s European income team.

John Ions, chief executive of Liontrust Asset Management, said it had been a successful first half of the financial year for the fund group, adding it was particularly pleasing to deliver net inflows during a time of political uncertainty in the run-up to the European Union referendum. 

He pointed out it was a tough environment for selling UK equity funds, and said these funds have generally suffered negative net retail sales in the first eight months of this year.

However, Mr Ions said the business continued to benefit from having distinct investment processes where the fund managers do not get distracted by market noise.

He said: “The acquisition of Argonaut’s European Income business has further diversified our fund management capability and enhanced our equity income franchise. 

“This broader range of fund management capability and strong fund performance gives me confidence that we will continue to grow the business over the rest of the financial year.”