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Liontrust assets shrink
 
  Hedgeweb - WED, SEP 28 2011
Funds & Investment UK funds house Liontrust Asset Management said its assets fell more than 6 percent in its first-half, despite pulling in new client money in August, after slumping stock markets hit its core range of equity funds.

Liontrust, which is trying to rebuild its business after the exit of two star managers -- and the bulk of its assets -- in 2009, said clients added £45m of new money in the quarter to Sept 27, its fifth consecutive quarter of net inflows, as its top-performing funds earned themselves a place on more wealth manager buy lists.

The inflows were not enough to offset weakening stock markets, hit by euro zone debt worries and fears of another recession, however, and assets fell 6.13 percent to £1.2bn in the half-year to end-September, the firm said in a statement on Wednesday.

"The asset management industry is enduring a challenging time, with no sign of an end to the market and economic turbulence," John Ions, chief executive at Liontrust, said.

 
 
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