Liontrust's assets under management have plunged £2.8bn over the past year following a troubled time for the group, during which star managers Jeremy Lang and William Pattison resigned.
In its annual results to 31 March 2009, Liontrust revealed its funds under management were £1.9bn, down from £4.7bn last year, a fall of 60%, and subsequently dropped further to £1.2bn as at 9 June.
Pre-tax profits fell 25% to £12.4m while the total dividend for the full year sits at 7.5p per share, down from 12.5p in 2008. The second interim dividend is 5p per share.
More positively, the group says it has no debt and holds net cash and financial assets of £21.7m. In addition, performance fees have increased by 10% to £16.2m, up from £14.8m last year.
"We start the year with substantially lower funds under management, with the market at a much lower level than the average for last year, and this will, inevitably, affect our profitability in the new financial year," says chairman Bernard Asher.
"However, we have good performance across our funds and have made changes to the management of the funds and have recruited a strong fixed income team.
"The stable partnership culture and strong sense of goodwill that we have built across a wide spectrum of clients will remain key to our future success," he adds.Investment Week
‘Important to have an anchor’
Lack of innovation for solutions
Some 2,000 consumers affected
Achievements, charity work and other happy snippets