Liontrust pinned back after investor pulls cash from fund

 
Michael Bow
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TRUS

TRUST Asset Management, the City fund manager, yesterday said assets under management rose slightly last quarter despite two big redemptions from investors in the firm’s funds.

The company said it attracted £50m of new money and markets and performance added £146m to help take funds under management up from £3.37bn to £3.57bn for the three months ending December 2013.

However investors pulled £16m net in total from its retail funds – led by an institutional investor which took back £39m. Without this, inflows would have been £23m. Another investor pulled £106m from its global strategic bond fund.

Chief executive John Ions said: “Fund flows were mixed but distorted by two larger client withdrawals that were lower margin institutional type business and the recruitment of the Multi Asset team from North,” referring to the company’s acquisition of North Investment Partners.