UK funds house Liontrust Asset Management said its assets fell more than six per cent in its first-half, despite pulling in new client money in August, after slumping stock markets hit its core range of equity funds.
Liontrust, which is trying to rebuild its business after the exit of two star managers -- and the bulk of its assets -- in 2009, said clients added £45m of new money in the quarter to 27 September, the fifth consecutive quarter of net inflows. The inflows were not enough to offset weakening stock markets, hit by Eurozone debt worries and fears of another recession, however, and assets fell 6.13 per cent to £1.2bn in the half-year to the end of September, the firm said in a statement yesterday.
“The asset management industry is enduring a challenging time, with no sign of an end to the market and economic turbulence,” said chief executive John Ions. Shares closed down 6.2 per cent last night at 68p.