Trading Statement

RNS Number : 9116O

Liontrust Asset Management PLC

26 September 2013

 



Embargoed until 7am on 26 September 2013

Stock Exchange Announcement

LIONTRUST ASSET MANAGEMENT PLC

Half Year End Trading Update

Liontrust Asset Management Plc ("Liontrust" or the "Group"), the specialist independent fund management group, today issues its half year end trading update.

Highlights

·     Assets under management increased to £3.4 billion as at close of business on 24 September 2013 from £3.0 billion on 31 March 2013

·     Net inflows of £312 million in the half year

·     Seven out of eight of our actively managed UK retail funds are in the first quartile of their respective IMA sectors since launch or manager inception to 31 August 2013

Commenting, John Ions, Chief Executive, said:

"Our assets under management are up by nearly £400m in the first half of the financial year and by over £1 billion on the corresponding figure a year ago. After a strong first quarter, it is particularly pleasing to have weathered the more turbulent second quarter with a small positive net inflow but maintaining strong headline gross sales. This highlights the great progress made in both marketing and sales over the last few years. Average monthly gross sales in the last financial year were £107 million compared to £136 million in the current financial year to date. 

"Liontrust continues to be well positioned for the future with a very clear product proposition and strong investment disciplines and processes across all our fund management teams. The fact that seven of our eight actively managed unit trusts are in the first quartile of their respective sectors under the tenure of the current manager is testament to this. The recent broadening of the investment remit on the Liontrust Income Fund to give it a Global mandate means we have a strong income offering covering Asia Income, UK Income and now Global Income. Income has never been more important as an investment requirement and the attendance at our current roadshow where these funds have been presented backs this up.

"The Group is well positioned for the opportunities and challenges ahead. We have made strong progress and laid good foundations for this over the last couple of years. The product range continues to broaden where we believe we can add value for our clients. The long-term performance remains strong and we have a very clear, consistent pricing policy which is easy to understand."

Funds under Management

On 24 September 2013, our assets under management ("AuM") stood at £3,413 million and were broken down by type and process as follows:-

Process	Total (£m)	Institutional (£m)	UK Retail (£m)	Offshore Funds (£m)
Cashflow Solution	812	430	378	4
Economic Advantage	1,642	-	1,633	9
Macro Thematic	485	83	402	-
Asia	18	-	18	-
Global Credit	400	-	-	400
Indexed	56	-	56	-
Total	3,413	513	2,487	413

Funds Flows

Liontrust has recorded net inflows of £10 million in the current quarter to 24 September 2013. The net inflows for the financial year to 24 September 2013 are £312 million (six months to 30 September 2012: £189 million).

A reconciliation of fund flows and AuM over the current quarter to 24 September 2013 is as follows:-

	Total	Institutional	UK Retail	Offshore Funds
	(£m)	(£m)	(£m)	(£m)
Opening AuM - 1 July 2013	3,265	480	2,352	433
Net flows	10	(1)	12	(1)
Market and investment performance	138	34	123	(19)
Closing AuM - 24 September 2013	3,413	513	2,487	413

A reconciliation of fund flows and AuM over the financial year to 24 September 2013 is as follows:-

	Total	Institutional	UK Retail	Offshore Funds
	(£m)	(£m)	(£m)	(£m)
Opening AuM - 1 April 2013	3,039	501	2,263	275
Net flows	312	(12)	146	178
Market and investment performance	62	24	78	(40)
Closing AuM - 24 September 2013	3,413	513	2,487	413

Fund Performance (Quartile ranking)

The strength of Liontrust's fund management capability is shown by the fact that all bar one of its actively managed unit trust funds are in the first quartile since launch or since the fund managers were appointed to 31 August 2013.

	Quartile ranking - 1 year	Quartile ranking - 3 year	Quartile ranking - 5 year	Quartile ranking - Since Manager tenure	Launch / Manager appointed
Liontrust UK Growth Fund	4	2	-	1	25/03/2009
Liontrust Special Situations Fund	3	1	1	1	11/11/2005
Liontrust UK Smaller Companies Fund	3	1	1	1	08/01/1998
Liontrust European Absolute Return Fund	4	3	-	4	09/07/2009
Liontrust European Growth Fund	4	2	2	1	15/11/2006
Liontrust Income Fund	-	-	-	-	03/07/2013
Liontrust Asia Income Fund	1	-	-	1	05/03/2012
Liontrust Macro Equity Income Fund	3	3	2	1	31/10/2003
Liontrust Macro UK Growth Fund	4	4	2	1	01/08/2002

Source: Financial Express, total return, bid to bid, to 31 August 2013 unless otherwise stated.  The above funds are all UK authorised unit trusts (retail share class).  From 3 July 2013, the Liontrust Income Fund's investment objective and policy changed to allow the fund managers to select companies on a global basis. The Fund moved into the IMA Global Equity Income sector on 1 August. Liontrust FTSE 100 Tracker Fund (index fund) not included. Past performance is not a guide to the future; the value of investments and the income from them can fall as well as rise. Investors may not get back the amount originally subscribed.

For further information please contact:

Liontrust Asset Management                                                     020 7412 1700

John Ions, Vinay Abrol                                                                www.liontrust.co.uk

Simon Hildrey - Head of Marketing & Communications

Numis Securities Limited                                                             020 7260 1000

Charles Farquhar, Andrew Holloway

Forward Looking Statements

This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and businesses and plans of the Group. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that have not yet occurred. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. As a result, the Group's actual future financial condition, results of operations and business and plans may differ materially from the plans, goals and expectations expressed or implied by these forward-looking statements.  Liontrust undertakes no obligation publicly to update or revise forward-looking statements, except as may be required by applicable law and regulation (including the Listing Rules of the Financial Services Authority).  Nothing in this announcement should be construed as a profit forecast or be relied upon as a guide to future performance.

Other information

The release, publication, transmission or distribution of this announcement in, into or from jurisdictions other than the United Kingdom may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, transmitted or distributed should inform themselves about and observe such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction.

ENDS

 

END

 

 

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