Market turbulence is to blame for a marginal drop in funds under management at Liontrust, the firm says.
The independent specialist equities fund management group today announces assets under administration stand at £5.45bn, down from £5.51bn at financial year-end March 31, and from £5.7bn just a month ago.
However, the plc says prospects remain good for attracting further inflows and remains confident of making 'solid' progress in the full year.
Spokesman Nick Pilkington says: “Since our AGM we haven’t lost a single large account.
“Although our funds under management have dipped it has had absolutely nothing to do with us. It has been solely down to market movement.”
Liontrust says it earned performance fees of £209,000 on two institutional accounts in the period from 2 April to today generating an operating profit, after compensation, of about £94,000.
By comparison no performance fees were earned in the same period last year, it said.
Nick Pilkington adds: “Our European product, which we launched late last year, has performed extremely well.
“We have already raised a decent pool of assets and we’re hopeful that will continue to accelerate.
“The performance of our other UK products has also continued to be very strong and already we have had redemptions on that side. The flow of money into our funds is good at the moment.”
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