Liontrust ups expectations for full year results

Liontrust ups expectations for full year results

Liontrust Asset Management expects its revenue for the year to March 31 to be ‘significantly ahead’ of market expectations.

In an announcement to the stock exchange today (May 20) the firm said its pre-tax profit would be no less than £63m, driven by stronger performance fee revenue than expected - around £13.7m for the period.

It comes after a year of growth and change for the firm, including an overhaul of its fund range in October last year which saw it selling off its Asia Income Strategy.

The strategy, and accompanying Liontrust Asia Income fund, was sold to Somerset Capital Management, and Liontrust gained up to £2m in cash over five years for the deal.

The decision followed an internal review of its product range as the fund house evaluated “where best to devote [its] resources” following significant growth over the past few years.

In an assessment of value report released in December, the firm found that of its 41-strong fund range, investors in 18 of the portfolios could be moved to a cheaper share class. It also said it would keep four of its portfolios under “close review”.                                   

In an update to the stock market in January this year, the group confirmed its assets under management neared £30bn towards the end of 2020 after investors pumped £800m into the specialist manager's funds in the final quarter of the year.

Last month two fund managers within the firm’s multi-asset team were put on gardening leave as the firm integrated the Architas business it acquired last year. 

Former Architas fund managers Nathan Sweeney and Sheldon MacDonald will leave the company.