Liontrust sees outflows spike as firm appoints former Gam executives

According to a trading update, net outflows at Liontrust hit £1.7bn in the three months to December 2023, compared with £632mn in the same period the previous year. 

As of January 12, Liontrust's assets under management stood at £27.2mn, down from £27.8mn at December 31. 

Chief executive John Ions said a competitive environment was partly to blame for the increase in outflows. 

He said: "Among the drivers of the net outflows in the last quarter, totalling £1.7bn, 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."

An analyst note from Peel Hunt noted: "Outflows remain larger at Liontrust than at other UK asset managers under our coverage, but AUM is consistent with our expectations, and recovery potential is significant."

The trading update came as two senior hires were announced at the firm. 

Mark Hawtin will take on the role of head of global growth equities with Jeremy Roberts becoming head of global distribution (ex UK).

Hawtin, who has 37 years experience, is expected to join Liontrust in May. 

He is currently an investment director at Gam, where he has been since 2008, leading its global growth equity team which manages the Gam Star Disruptive Growth and Gam Star Alpha Technology funds.

Roberts will join Liontrust in April from Gam where he was head of global distribution, before which he was head of UK retail at Blackrock. 

Earlier this month it was confirmed Tom Record, head of global equities was leaving Liontrust. 

He took up the role in April 2022 as part the acquisition of Majedie Asset Management. 

tara.o'connor@ft.com

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