Liontrust Asset Management PLC

Earnings Release • Oct 8, 2014

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RNS Number : 6923T

Liontrust Asset Management PLC

08 October 2014

Embargoed until 7am on 8 October 2014

Stock Exchange Announcement

LIONTRUST ASSET MANAGEMENT PLC

Half Year End Trading Update

Liontrust Asset Management Plc ("Liontrust"), the specialist independent fund management group, today issues its half year end trading update for the six months ended 30 September 2014.

Highlights

·     Assets under management increased to £3.8 billion as at close of business on 30 September 2014 from £3.6 billion on 31 March 2014

·     Net inflows of £284 million in the half year

·     Liontrust awarded a UK equity income segregated mandate of £320 million which will be funded in the current quarter and is not included in the assets under management as at 30 September 2014

·     We have expanded our distribution outside the UK through the recruitment of a co-Head of International Sales

·     Our three equity income teams presented to more than 300 intermediaries around the UK on our Liontrust roadshow in September

Commenting, John Ions, Chief Executive, said:

"This has been another successful six months for Liontrust with net inflows of £284 million against a difficult background of increasing political and economic uncertainty. The strength of our fund management capability has been demonstrated further through our Macro-Thematic team being granted a £320 million institutional mandate that will take our assets under management above £4.1 billion and the assets managed by the team above £1 billion during the 3rd quarter of our financial year.

"More evidence of our expanding client base came in September when this team was joined by our Global Income and Asia Income fund managers in presenting to more than 300 intermediaries around the UK.

"We have expanded our distribution capability outside the UK through the recruitment of James Beddall to work alongside Jonathan Hughes-Morgan as Co-Head of International Sales and are setting up a Branch Office in Luxembourg. James, who has 17 years of experience in international sales, has joined Liontrust from F&C Investments where he was Head of International Wholesale Sales.

"With the recruitment of James, we have put together a very strong sales team to market our funds internationally. We are also actively looking for more fund management teams that will appeal to the Wholesale market in Continental Europe.

"This development, combined with broadening our client base in the UK and our strong long-term fund performance, gives me great confidence that we will continue to generate positive inflows."

Funds under Management

On 30 September 2014, our assets under management ("AuM") stood at £3,818 million and were broken down by type and process as follows:-

Process	Total	Institutional	UK Retail	DPMS*	Offshore Funds
	(£m)	(£m)	(£m)	(£m)	(£m)
Cashflow Solution	860	563	291	-	6
Economic Advantage	1,892	-	1,862	-	30
Macro-Thematic	691	69	611	-	11
Global Credit	49	-	-	-	49
Asia	27	-	27	-	-
Multi-Asset	245	91	-	154	-
Indexed	54	-	54	-	-
Total	3,818	723	2,845	154	96

Funds Flows

Liontrust has recorded net inflows of £94 million in the quarter to 30 September 2014 (2013: £13 million). The net inflows for the half year are £284 million (2013: £315 million).

A reconciliation of fund flows and AuM over the quarter to 30 September 2014 is as follows:-

	Total	Institutional	UK Retail	DPMS*	Offshore Funds
	£m	£m	£m	£m	£m
Opening AuM - 1 July 2014**	3,783	718	2,834	139	92
Net flows	94	(1)	76	14	5
Market and Investment performance	(59)	6	(65)	1	(1)
Closing AuM - 30 September 2014	3,818	723	2,845	154	96

A reconciliation of fund flows and AuM over the half year is as follows:-

	Total	Institutional	UK Retail	DPMS*	Offshore Funds
	£m	£m	£m	£m	£m
Opening AuM - 1 April 2014**	3,613	657	2,752	139	90
Net flows	284	62	176	37	9
Market and Investment performance	(79)	4	(83)	3	(3)
Closing AuM - 30 September 2014	3,818	723	2,845	154	96

* Discretionary Portfolio Management Services

** Opening AuM for UK Retail and Offshore Funds have been adjusted by £19m in relation to reclassification of AuM that moved to our offshore funds from our UK funds.

Fund Performance (Quartile ranking)

The strength of Liontrust's fund management capability is shown by the fact that all bar one of its actively managed unit trust funds are in the first quartile since launch or since the fund managers were appointed to 30 September 2014.

	Quartile ranking - 1 year	Quartile ranking - 3 year	Quartile ranking - 5 year	Quartile ranking - Since Manager tenure	Launch / Manager appointed
Liontrust UK Growth Fund	2	3	1	1	25/03/2009
Liontrust Special Situations Fund	3	2	1	1	11/11/2005
Liontrust UK Smaller Companies Fund	1	1	1	1	08/01/1998
Liontrust European Growth Fund	2	4	2	1	15/11/2006
Liontrust Global Income Fund	4	-	-	1	03/07/2013
Liontrust Asia Income Fund	4	-	-	1	05/03/2012
Liontrust Macro Equity Income Fund	1	3	2	1	31/10/2003
Liontrust Macro UK Growth Fund	1	4	3	2	01/08/2002

Source: Financial Express, total return, bid to bid, to 30 September 2014 unless otherwise stated.  The above funds are all UK authorised unit trusts (retail share class). Liontrust FTSE 100 Tracker Fund (index fund) not included. Past performance is not a guide to the future; the value of investments and the income from them can fall as well as rise. Investors may not get back the amount originally subscribed.

Notice of Half Year Results Announcement

Liontrust confirms that it will be announcing its half year results for the six months ended 30 September 2014 on Tuesday, 11 November 2014.

For further information please contact:

Liontrust Asset Management                                                     020 7412 1700

John Ions, Vinay Abrol                                                                  www.liontrust.co.uk

Simon Hildrey - Head of Marketing & Distribution Strategy

Numis Securities Limited                                                             020 7260 1000

Charles Farquhar, Andrew Holloway

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 Services Authority).  Nothing in this announcement should be construed as a profit forecast or be relied upon as a guide to future performance.

Other information

The release, publication, transmission or distribution of this announcement in, into or from jurisdictions other than the United Kingdom may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, 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.

ENDS

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