The acquisition of the Alliance Trust Investments helped asset manager Liontrust grow its assets under management to £10bn by 21 November.
Assets under management were £9.6bn on 30 September 2017, which is the half year number, included in a report published this morning (23 November).
Profits before tax were £12m, an increase of 76 per cent on the equivalent period in 2016.
Turnover was £35m, an increase of 57 per cent.
Net inflows were £178m, compared with £92m for the same period last year.
Liontrust confirmed it will join peers such as Woodford Asset Management and Aberdeen Standard Investments in absorbing research costs.
During the period covered by these accounts, Liontrust acquired the investment management business of Alliance Trust, and chief executive John Ions said the investment managers who joined Liontrust as part of the deal are “bedding in well.”
He said: “In the first quarter of 2018, we will further diversify our fund management capability through David Roberts and Phil Milburn joining from Kames.
"David and Phil are very highly regarded fixed income fund managers with excellent long-term performance records.
“They will add to the experienced and talented group of fund management teams that we already have at Liontrust.
"We trust our fund managers and provide the environment to enable them to focus on running money and not get distracted by day-to-day aspects of running a business.
"Having documented investment processes also provides greater predictability of how our funds will be managed and what are likely to be the more challenging market environments for them.”
david.thorpe@ft.com
