LIONTRUST Asset Management, the UK-based independent fund management group, announced yesterday that it had more than doubled profits year-on-year in the first half of its financial year.
For the six months to 30 September, Liontrust saw its profit before tax rise to £3.2m, from £1.3m in the same period last year.
Revenues for the period were also up 17 per cent year-on-year, while adjusted operating profit before tax increasing 32 per cent to £5.1m.
As of 30 September, Liontrust’s assets under management stood at £3.8bn, a respectable increase from £3.4bn in 2013.
Net inflows for the second half fell to £284m, from £315m in the same period last year. Yet chief executive John Ions said the drop was in spite of a downward market trend.
“We have delivered net inflows despite the IMA’s UK All Companies sector suffering net outflows of £258m in September.”
Commenting on the overall results, Ions added: “I am pleased with the progress we have made in the first six months of the financial year, both through the continued growth of the business and the investment we have made to help propel our future expansion. The significant investment and improvements in our sales and marketing have been a key driver behind our growth.”
Ions also announced that Simon Hildrey has been chosen to head up the company’s sales and marketing strategy and James Beddall has been recruited to work alongside Jonathan Hughes-Morgan as co-head of international sales.