REG - Liontrust Asset Mgmt - Trading Statement
15/04/2025 07:02
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RNS Number : 9651E Liontrust Asset Management PLC 15 April 2025
LEI: 549300XVXU6S7PLCL855
For immediate release
15 April 2025
Stock Exchange Announcement
LIONTRUST ASSET MANAGEMENT PLC
Trading Update
Liontrust Asset Management Plc ("Liontrust" or the "Company"), the specialist
independent fund management group, today issues its trading update for the
three months ended 31 March 2025 (the "Period").
· Net outflows of £1.3 billion in the Period (2024: £1.2 billion).
· Assets under management and advice ("AuMA") were £22.6 billion as at
31 March 2025, a decrease over the Period of 8.1%.
· AuMA as at 10 April 2025 were £21.6 billion.
· Expanding investment capability and international distribution.
· Completing the enhanced operating model.
Commenting, John Ions, Chief Executive Officer, said:
"It feels that over the past few years, the only certainty has been
uncertainty. The current day-to-day unpredictability and fluctuations in
markets reinforces our belief in active management and the long-term power of
robust and repeatable investment processes.
Our focus remains on what is within our control. We continue to develop the
business and are confident we have been making the right changes to ensure it
is in the best possible shape for the future.
Brand and client service
The Liontrust brand is very strong and we are continually engaging with our
clients. We receive great feedback on our service and communications directly
and through market research and these are more important than ever at times
like this in helping clients to navigate volatile markets.
International expansion
We have strengthened our international distribution capability with the
appointments of Òscar Andreu as Managing Director, Head of Distribution for
Switzerland, and Phil Rosenberg as Head of Middle East and Asia. Both Òscar
and Phil have extensive experience, knowledge and contacts in their respective
territories. They are key additions as we seek to take advantage of the
potential for growth of our client base outside the UK.
Active management
The extreme volatility and dislocations we have seen in markets over the past
couple of weeks are demonstrating the importance of, and opportunities for,
active management and stock picking.
Edinburgh Investment Trust is celebrating a successful five years under the
management of the Global Fundamental team now led by Imran Sattar. The share
price has risen by a cumulative 112.7% over the five years to 31 March 2025
compared to 76.5% for its benchmark index(1). The net asset value of the Trust
has risen 103.9% over the same period(1).
Further recognition of our investment capability has come through three
Liontrust funds being shortlisted for the Fund Manager of the Year Awards -
European Dynamic, GF European Strategic Equity and Japan Equity.
All 10 of the UK-domiciled funds managed by the Sustainable Investment
team have adopted the Sustainability Focus label under the Sustainability
Disclosure Requirements (SDR). Liontrust's range - comprising equity, fixed
income and managed funds - is the second largest of any asset manager to have
SDR labels.
We continue to expand and enhance our investment capability. The GF Global
Alpha Long Short Fund has been launched for Mark Hawtin's Global Equities
team, and we are also adding the GF Global Alpha Fund (both of which are
domiciled in Ireland). In January, the Economic Advantage team's Alex Wedge
and Bobby Powar took on management of the Global Smaller Companies Fund, using
the same investment process that has been applied to the UK Smaller Companies
Fund since 1998.
The Global Fixed Income team has been integrated into the Multi-Asset team.
This enhances the macroeconomic and fixed income expertise on the Multi-Asset
team and provides greater scale for our fixed income funds.
Business transformation
We are completing our enhanced operating model. BlackRock's Aladdin platform
was implemented in July 2024 and is working well. We now have a much more
extensive relationship with BNY's front and middle office teams and the BNY
Data Vault system is embedded in our operating model and is being used day to
day.
We are continuing to work with BNY Buyside Trading Solutions ("BTS") on our
trading capabilities and are now utilising BTS for North and Central American
trading, with other markets going live by the end of June 2025. This
collaboration extends our trading capabilities beyond UK trading hours and
gives us access to more counterparties, with a solution that is scalable and
with a partner that is investing heavily in its trading services.
The enhancements we have made to the business, our strong investment
capability, brand and client service, and the robust operating model give us
confidence we can emerge stronger from the current turbulent environment and
help our clients to do so as well."
(1) Source: FE fundinfo, 31.03.20 to 31.03.25 and Liontrust, bid-to-bid basis.
Cost reductions
In November 2024, we announced a proposed reduction of roles across our
business, and this is now mostly complete, with good progress achieved on
fully realising the further cost efficiencies we announced in January 2025.
Annualised savings of employee-related, member-related and non-staff related
expenses are expected to be around £6.0 million and implementation costs for
the role reductions and non-staff related expenses are anticipated to be
around £4.5 million.
Assets under management and advice
On 31 March 2025 our AuMA stood at £22,590 million and were broken down by
type and investment process as follows:
Process Total Institutional Accounts & Funds Investment Trusts UK Retail Funds & MPS Alternative Funds International Funds & Accounts
(£m) (£m) (£m) (£m) (£m) (£m)
Sustainable Investment 8,137 309 - 7,602 - 226
Economic Advantage 4,255 384 - 3,807 - 64
Multi-Asset 3,829 - - 3,664 73 92
Global Equities 1,062 - - 1,041 21 -
Global Innovation 770 - - 767 - 3
Cashflow Solution 2,770 517 - 1,813 248 192
Global Fundamental 1,767 206 1,126 435 - -
Total 22,590 1,416 1,126 19,129 342 577
AuMA as at 10 April 2025 were £21,641 million.
Flows
The net outflows over the Period were £1,284 million (2024: £1,206 million).
A reconciliation of net flows and AuMA over the Period is as follows:
Total Institutional Accounts & Funds Investment Trusts UK Retail Funds & MPS Alternative Funds International Funds & Accounts
(£m) (£m) (£m) (£m) (£m) (£m)
Opening AuMA - 1 January 2025 24,576 1,446 1,153 20,998 263 716
Net flows (1,284) (5) (12) (1,211) 78 (134)
Market & Investment performance (702) (25) (15) (658) 1 (5)
Closing AuMA - 31 March 2025 22,590 1,416 1,126 19,129 342 577
Key Fund Performance (Quartile ranking)
UK domiciled funds-
Quartile ranking - Since inception Quartile ranking - 5 year Quartile ranking - 3 year Quartile ranking - 1 year Inception Date
Economic Advantage funds
Liontrust Special Situations Fund 1 4 4 4 10/11/2005
Liontrust UK Growth Fund 1 3 3 3 01/04/1996
Liontrust UK Micro Cap Fund 1 2 2 4 09/03/2016
Liontrust UK Smaller Companies Fund 1 3 3 4 08/01/1998
Liontrust Global Smaller Companies Fund 4 4 4 4 31/12/2007
Sustainable Future funds
Liontrust SF Cautious Managed Fund 3 4 4 4 23/07/2014
Liontrust SF Corporate Bond Fund 3 2 2 4 19/02/2001
Liontrust SF Defensive Managed Fund 1 4 4 4 23/07/2014
Liontrust SF European Growth Fund 4 4 4 4 19/02/2001
Liontrust SF Global Growth Fund 4 4 4 4 19/02/2001
Liontrust SF Managed Fund 2 3 4 4 19/02/2001
Liontrust SF Managed Growth Fund 2 2 3 4 19/02/2001
Liontrust SF Monthly Income Bond Fund 1 1 2 4 12/07/2010
Liontrust SF UK Growth Fund 3 4 4 3 19/02/2001
Liontrust UK Ethical Fund 4 4 4 3 01/12/2000
Global Innovation funds
Liontrust Global Dividend Fund 2 2 3 4 20/12/2012
Liontrust Global Innovation Fund 1 3 2 1 31/12/2001
Liontrust Global Technology Fund 3 2 2 3 15/12/2015
Global Equity funds
Liontrust Balanced Fund 1 2 3 4 31/12/1998
Liontrust China Fund 4 3 2 1 31/12/2004
Liontrust Emerging Market Fund 3 4 3 3 30/09/2008
Liontrust Global Alpha Fund 1 3 4 2 31/12/2001
Liontrust India Fund 4 1 2 4 29/12/2006
Liontrust Japan Equity Fund 4 1 2 3 22/06/2015
Liontrust Latin America Fund 2 3 3 1 03/12/2007
Liontrust US Opportunities Fund 2 3 4 4 31/12/2002
Cashflow Solution funds
Liontrust European Dynamic Fund 1 1 2 3 15/11/2006
Global Fundamental funds
Liontrust Income Fund 1 3 3 4 31/12/2002
Edinburgh Investment Trust Plc 1 1 1 3 31/03/2020
Liontrust UK Equity Fund 1 3 2 3 27/03/2003
Liontrust UK Focus Fund 1 3 2 2 29/09/2003
Multi-Asset funds
Liontrust Strategic Bond Fund 3 3 2 2 08/05/2018
Liontrust MA Explorer 35 Fund 1 - - 2 31/12/2002
Liontrust MA Explorer Income 45 Fund 2 - - 2 31/03/2020
Liontrust MA Explorer Income 60 Fund 1 - - 2 27/03/2003
Liontrust MA Explorer 70 Fund 2 - - 2 29/09/2003
Liontrust MA Explorer 85 Fund 1 - - 3 29/09/2003
Liontrust MA Explorer 100 Fund 2 - - 3 29/09/2003
Liontrust MA Monthly High Income Fund 3 2 2 1 01/05/2012
Liontrust MA UK Equity Fund 4 3 2 2 12/11/2001
Irish domiciled funds-
Quartile ranking - Since inception Quartile ranking - 5 year Quartile ranking - 3 year Quartile ranking - 1 year Inception Date
Economic Advantage funds
Liontrust GF Special Situations Fund 2 4 4 4 08/11/2012
Liontrust GF UK Growth Fund 1 2 3 4 03/09/2014
Sustainable Future funds
Liontrust GF SF European Corporate Bond Fund 2 2 2 4 29/05/2018
Liontrust GF SF Global Growth Fund 3 3 3 3 12/11/2019
Liontrust GF SF Multi Asset Global Fund 4 - 4 4 13/10/2021
Liontrust GF SF Pan-European Growth Fund 3 4 4 4 14/03/2001
Liontrust GF SF US Growth Fund 4 - - 4 07/07/2023
Cashflow Solution funds
Liontrust GF European Smaller Companies Fund 1 1 1 2 01/02/2017
Liontrust GF European Strategic Equity Fund 1 1 1 2 25/04/2014
Liontrust GF Pan-European Dynamic Fund 3 - - 3 27/02/2024
Multi-Asset funds
Liontrust GF Absolute Return Fund 2 3 2 2 26/06/2018
Liontrust GF High Yield Fund 1 1 1 1 08/06/2018
Liontrust GF Strategic Bond Fund 1 2 2 3 13/04/2018
Source: Financial Express to 31 March 2025 as at 7 April 2025, bid-bid, total
return, net of fees, based on primary share class.
Past performance is not a guide to future performance, investments can result
in total loss of capital. The above funds are all UK authorised unit trusts,
OEICs, Irish authorised OEICs (primary share class) or UK listed investment
trusts. Onshore funds use the Financial Express Investment Association
sectors. Offshore funds use the FCA Recognised offshore sectors. Edinburgh
Investment Trust Plc uses the AIC Investment Trust UK Equity Income sector.
Liontrust Global Smaller Companies Fund moved from the Global Equities team to
the Economic Advantage team on 14 January 2025.
Global Fixed Income team moved to the Multi-Asset team on 1 January 2025, the
funds managed by the Global Fixed Income team now appear under Multi-Asset
funds.
MA Explorer funds had an objective change on 05/04/2023 and rankings are shown
from then.
MA Dynamic Passive fund range, MA Blended fund range, Diversified Real Assets
Fund and Russia Fund (suspended) are not included as are in an IA sector that
is not rankable. GF Global Technology, GF Global Innovation and GF Global
Dividend funds are excluded because they were recently launched.
Notice of Full Year Results Announcement
Liontrust confirms that it will be announcing its full year results for the
financial year ended 31 March 2025 on Wednesday, 25 June 2025.
For further information please contact:
Liontrust Asset Management Plc (Tel: 020 7412 1700, Website:
liontrust.co.uk)
Stephen Corbett: Head of Investor Relations
Simon Hildrey: Chief Marketing Officer
Singer Capital Markets (Tel: 020 7496 3000)
Corporate Broking: Charles Leigh-Pemberton
Corporate Advisory: James Moat
Panmure Liberum (Tel: 020 7886 2500)
Corporate Broking: David Watkins
Corporate Advisory: Atholl Tweedie
Forward Looking Statements
This announcement contains certain forward-looking statements with respect to
the financial condition, results of operations and businesses and plans of
Liontrust. 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 Liontrust'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 Conduct 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.
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