Liontrust Asset Management has posted a loss after tax over the year to March following a series of acquisitions for the firm over the last 12 months.
In its results for the year ended 31 March 2012, the group revealed it made a loss of £200,000 over the reporting period, compared to profit of £4.6m in 2011.
However, the boutique made adjusted profit before tax of £1m, compared to a loss of £1.7m last year, beating analysts' expectations.
Assets under management edged up from £1.3bn in 2011 to £1.5bn over the year to March, but stood at £2.1bn in June following the acquisition of Walker Crips Asset Managers.
Liontrust saw a net inflow of £152m over the year, almost double the £81m figure for 2011.In the second quarter so far, it has recorded a net inflow of £94m.
The group’s strategy has been to grow its offering through acquisitions – its £12.7m takeover of Walker Crips Asset Managers completed in April, and last year it purchased emerging market boutique Occam for £1.9m and sold of its own credit arm.
Liontrust shares ended yesterday's session more than 3% lower at 92.5p.
Chief executive John Ions (pictured) said: “We enjoyed net inflows in all four quarters in the year, totalling £152m. This has extended our sequence of net positive sales to seven successive quarters, and net inflows have continued into the new financial year.
"The acquisitions of Occam and Walker Crips Asset Managers have broadened our fund management range and distribution capability.
"We are confident we will continue to grow the business in the future. We have one of the strongest ranges of UK equity funds and teams, we have broadened into Asia and emerging markets equities, we have expanded our sales capability in the UK and internationally and we are well positioned for the changes to the distribution market following the implementation of RDR."
Speaking exclusively to Investment Week in this week's issue, Ions explained his vision for the group and why he sees RDR as “well intentioned but badly executed”. Click here for more.
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