Hungry Lion roars back into black

ASSET manager Liontrust is on the hunt for more acquisitions as it tries to restore its fortunes by entering new asset classes.

Chief executive John Ions told City A.M. the firm has a £15m cash pile to spend on deals as it looks to grow organically and through buyouts.

Liontrust is trying to rebuild its business after losing two key managers – and the bulk of its assets – in 2009.

Yesterday it said net inflows for the six months to the end of September stood at £59m.

Clients have added £12m of new money since 1 October, helping its assets to reach £1.35bn by November 10, up 13 per cent from 30 September.

Ions said Liontrust would consider making acquisitions “where we see opportunities in distribution skills or fund management capability or assets”.

Earlier this year Liontrust bought Occam Asset Management. Ions said in a statement the deal provides the firm with capability in Asia and emerging markets, and added: “We will be launching new funds for the two teams in 2012 to meet strong investor demand for these asset classes.”

Liontrust also reported a half-year pre-tax profit of £1.7m for the six months to the end of September due to a one-off gain from selling its credit business and rising performance fees.