TIDMLIO
RNS Number : 9047Z
Liontrust Asset Management PLC
17 January 2024
LEI: 549300XVXU6S7PLCL855
For immediate release
17 January 2024
Stock Exchange Announcement
LIONTRUST ASSET MANAGEMENT PLC
Trading Update
Liontrust Asset Management Plc ("Liontrust", the "Company", or
the "Group"), the specialist independent fund management group,
today issues its trading update for the three months ended 31
December 2023 (the "Period").
Highlights
-- Net outflows of GBP1.7 billion in the Period.
-- Assets under management and advice ("AuMA") were GBP27.8
billion as at 31 December 2023, an increase of 0.6% over the
Period.
-- AuMA as at 12 January 2024 were GBP27.2 billion.
-- Two new senior hires: Mark Hawtin - and his three-strong team
- to join in May as Head of Global Growth Equities and Jeremy
Roberts to join in April as Head of Global Distribution
(ex-UK).
-- Appointment of Kristian Cook as Head of UK Distribution and
bringing single strategy and multi-asset distribution into one UK
sales team.
Commenting, John Ions, Chief Executive, said:
"We continue to develop the business to ensure it is well
positioned to deliver our strategic objectives. This includes the
appointment of Heads of Global Growth Equities and Global
Distribution (ex-UK), the enhancement of the UK Distribution team,
expanding our fund offering and a strong focus on client
engagement.
Among the drivers of the net outflows in the last quarter,
totalling GBP1.7 billion, were the ongoing negative sentiment among
investors and the current challenges facing active asset managers.
These challenges include the fact active managers have never been
confronted by such a competitive environment to attract and retain
assets as is the case now, both from within and outside the
sector.
But there are still strong long-term tailwinds behind asset
management. People's need to save and invest for the future has
never been greater. And equity markets are currently offering the
chance to invest in some quality companies at attractive entry
points, especially among small and mid-caps. This is perfect
territory for active managers, and an opportunity to attract
assets.
The strength of our investment teams and their long-term
processes is demonstrated by the fact that 68% of Liontrust's
UK-domiciled retail funds were in the first or second quartile of
their respective IA sectors since launch or the current manager
being appointed to 31 December 2023(1) .
We have highlighted before that Liontrust's bias towards quality
growth investing and small and mid-caps, along with a significant
proportion of our AuMA being invested in UK equities, has impacted
performance and flows. Liontrust's improving UK retail fund
performance is shown by the number of funds in the first or second
quartile increasing to 66% over one year to 31 December 2023 from
50% to 30 September 2023(1) . This includes the Global Technology
Fund being ranked first in its IA sector over one year, Edinburgh
Investment Trust being ranked second and Global Dividend Fund and
UK Focus Fund both ranked third(1) . The Sustainable Future Managed
and Managed Growth funds are also both first quartile over one
year.
Key pillars of our strategy are to broaden our fund range, asset
classes and geographical distribution to increase sales and to
ensure we can perform through the cycle of demand. In pursuit of
these two strategic objectives, we have recruited Mark Hawtin as
Head of Global Growth Equities and Jeremy Roberts as Head of Global
Distribution (ex-UK), who will join Liontrust in May and April
respectively.
Mark Hawtin and his team are an important addition to Liontrust
given the strong demand for global equities across distribution
channels in the UK and internationally. Mark has a strong track
record in managing long only and long/short equity funds at
Marshall Wace Asset Management and then GAM Investments and will
help us to attract assets and build our client base.
We will also broaden our fund offering in the first quarter of
this year through the launch of the GF Pan-European Dynamic Fund to
be managed by the Cashflow Solution team. This Fund will be managed
using the same investment process as the European Dynamic Fund,
which is the best performing fund in its IA sector over five years
and is ranked second over three years.
Jeremy Roberts is a key appointment in enabling us to achieve
the strategic objective of broadening our distribution
internationally. Jeremy has extensive experience and knowledge
having been Co-Head of EMEA Retail Sales and Head of UK Retail
Business at BlackRock and then Global Head of Distribution at GAM .
Jeremy will help us build our client relationships and partnerships
in Continental Europe and South America.
We have also strengthened our sales capability with the internal
appointment of Kristian Cook as Head of UK Distribution and
bringing single strategy and multi-asset sales into one team in the
UK to enhance further the levels of service we provide clients. The
new structure provides greater focus and clarity of
responsibilities and will broaden the product range for each
salesperson.
I look forward to this year with confidence. We are broadening
our distribution, driving forward sales and expanding our
investment talent to build on our robust investment processes and
strong brand."
(1) Source: Financial Express to 31 December 2023, unless
otherwise stated, and Liontrust. See UK Retail Fund Performance
table below for further details.
Mark Hawtin and Jeremy Roberts
Mark Hawtin has 37 years of investment experience and is
currently an Investment Director and leads the Global Growth Equity
team at GAM Investments. He is responsible for running global long
only and long/short funds investing in disruptive growth and
technology. Prior to joining GAM in 2008, Mark was a partner and
portfolio manager with Marshall Wace Asset Management for eight
years, including managing one of Europe's largest technology, media
and telecoms hedge funds. David Goodman, Kevin Kruczynski and
Pieran Maru, who work for Mark at GAM Investments, will also be
joining Liontrust.
Jeremy Roberts was Global Head of Distribution at GAM
Investments. Prior to joining GAM in 2020, he was Co-Head of EMEA
Retail Sales and Head of UK Retail Business at BlackRock. He has
over 20 years of experience in the Investment Management industry
and has worked extensively with clients across the UK, Europe, Asia
and the Middle East. Jeremy will be responsible for further
developing our Global Distribution capability with an initial focus
on Germany, Switzerland, Italy, the Nordics, Iberia and Latin
America, Benelux and France.
Assets under management and advice
On 31 December 2023, our AuMA stood at GBP27,812 million and
were broken down by type and investment process as follows:
Process Total Institutional Investment UK Retail Alternative International
Accounts Trusts Funds & Funds Funds
& Funds MPS & Accounts
(GBPm) (GBPm) (GBPm) (GBPm) (GBPm) (GBPm)
Sustainable
Investment 10,456 300 0 9,673 0 483
Economic Advantage 6,978 447 0 6,352 0 179
Multi-Asset 4,459 0 0 4,309 150 0
Global Innovation 699 0 0 699 0 0
Cashflow Solution 1,753 539 0 1,099 109 6
Global Fundamental 3,236 437 1,115 1,647 0 37
Global Fixed
Income 231 0 0 45 0 186
Total 27,812 1,723 1,115 23,824 259 891
AuMA as at 12 January 2024 were GBP27,221 million.
Flows
The net outflows over the Period were GBP1,664 million (2022:
GBP632 million). A reconciliation of fund flows and AuMA over the
Period is as follows:
Institutional Investment UK Retail Alternative International
Accounts Trusts Funds Funds Funds
Total & Funds & MPS & Accounts
(GBPm) (GBPm) (GBPm) (GBPm) (GBPm) (GBPm)
Opening AuMA - 1
October 2023 27,650 1,932 1,122 23,393 292 911
Net flows (1,664) (131) (33) (1,367) (49) (84)
Market and Investment
performance 1,826 (78) 26 1,798 16 64
Closing AuMA - 31
December 2023 27,812 1,723 1,115 23,824 259 891
UK Retail Fund Performance (Quartile ranking)
Quartile Quartile Quartile Quartile Launch
ranking ranking ranking ranking Date/ Manager
- Since - 5 year - 3 year - 1 year Appointed
Launch/Manager
Appointed
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Economic Advantage funds
----------------------------------------------------------------------------------------------------
Liontrust UK Growth
Fund 1 2 2 4 25/03/2009
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust Special
Situations Fund 1 2 3 3 10/11/2005
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust UK Smaller
Companies Fund 1 1 2 3 08/01/1998
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust UK Micro
Cap Fund 1 1 1 2 09/03/2016
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Sustainable Future funds
----------------------------------------------------------------------------------------------------
Liontrust SF Monthly
Income Bond Fund 1 1 1 1 12/07/2010
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust SF Managed
Growth Fund 2 1 3 1 19/02/2001
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust SF Corporate
Bond Fund 1 2 2 1 20/08/2012
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust SF Cautious
Managed Fund 1 3 4 2 23/07/2014
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust SF Defensive
Managed Fund 1 2 4 2 23/07/2014
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust SF European
Growth Fund 3 4 4 4 19/02/2001
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust SF Global
Growth Fund 3 1 4 2 19/02/2001
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust SF Managed
Fund 1 1 4 1 19/02/2001
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust UK Ethical
Fund 3 4 4 4 01/12/2000
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust SF UK Growth
Fund 3 4 4 4 19/02/2001
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Global Innovation funds
----------------------------------------------------------------------------------------------------
Liontrust Global Dividend
Fund 2 1 3 1 20/12/2012
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust Global Innovation
Fund 1 3 4 1 31/12/2001
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust Global Technology
Fund 2 2 1 1 15/12/2015
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Global Fundamental Global Equity funds
----------------------------------------------------------------------------------------------------
Liontrust Balanced
Fund 1 1 3 1 31/12/1998
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust China Fund 4 4 3 3 31/12/2004
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust Emerging
Market Fund 3 4 4 3 30/09/2008
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust Global Smaller
Companies Fund 1 2 4 1 01/07/2016
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust Global Alpha
Fund 1 1 4 1 31/12/2001
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust India Fund 4 2 1 2 29/12/2006
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust Japan Equity
Fund 3 1 3 3 22/06/2015
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust Latin America
Fund 3 4 4 4 03/12/2007
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Cashflow Solution funds
----------------------------------------------------------------------- ---------- ---------------
Liontrust European
Dynamic Fund 1 1 1 1 15/11/2006
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Global Fixed Income
funds
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust Strategic
Bond Fund 3 3 3 2 08/05/2018
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Global Fundamental
funds
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust UK Equity
Fund 1 3 3 1 27/03/2003
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust UK Focus
Fund 1 4 3 1 29/09/2003
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust Income Fund 1 2 2 2 31/12/2002
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust UK Equity
Income Fund 2 4 4 3 19/12/2011
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust US Opportunities
Fund 2 2 4 3 31/12/2002
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Edinburgh Investment
Trust Plc 1 1 1 27/03/2020
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust Global Equity
Fund 1 1 3 1 30/06/2014
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust Global Focus
Fund 2 2 3 2 30/06/2014
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust GF US Equity
Fund 2 2 2 1 26/06/2014
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust GF UK Equity
Fund 4 4 3 1 03/03/2014
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Liontrust GF International
Equity Fund 4 - 4 4 17/12/2019
----------------------------- ---------------- ---------- ---------- ---------- ---------------
Source: Financial Express to 31 December 2023 as at 4 January
2024, bid-bid, total return, net of fees , based on primary share
classes. 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. Liontrust
Russia Fund is not included as it is currently suspended and in an
IA sector that is not rankable (e.g., Specialist) so it would not
be a fair comparison to make. The onshore and offshore Tortoise
funds are not included as they are not in IA sectors. Edinburgh
Investment Trust Plc uses the IT UK Equity Income sector.
For further information please contact:
Teneo (Tel: 020 7353 4200, Email: liontrust@teneo.com)
Tom Murray, Colette Cahill
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 Finance: James Moat
Panmure Gordon (Tel: 020 7886 2500)
Corporate Broking: David Watkins
Corporate Advisory: Atholl Tweedie
HSBC Bank plc (Tel: 020 7991 8888)
Corporate Broking: Sam McLennan, James Hopton
Corporate Advisory: Alexander Paul
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
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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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