Liontrust AUM up

Liontrust Asset Management's assets under management rose to £5.7 billion in the six months to 30 September - an increase of nearly £900 million or 19%.

There were net inflows of £92 million in the period and the acquisition of Argonaut Capital Partners LLP's European Income business completed on 8 July added £272 million of AuM.

AuM as at close of business on 4 October was £5.823 billion

Chief executive John Ions said: "We have enjoyed a successful first half of our financial year with our AuM increasing by nearly £900 million through a combination of positive net flows, strong investment performance, market movements and completing the acquisition of Argonaut's European Income business.

"It has been very pleasing to deliver another quarter of positive net flows of £26 million at a time of political and economic uncertainty and a tough environment for selling UK equity funds. UK All Companies was the worst selling sector by net retail sales in February, March, April, May and July 2016, according to the Investment Association. Equity funds in general have suffered negative net retail sales in every one of the first eight months of 2016.

"We continue to benefit from having distinct and robust investment processes, which means our fund managers do not get distracted by market noise, strong fund performance and longevity of our fund managers.

"In November, the European Growth fund will celebrate its 10 year anniversary. This will become the 6th Liontrust fund which is more than 10 years old and for which at least one manager has been running the fund since launch. The European Growth Fund is ranked 5th out of 105 funds over one year to 3 October 2016.

"We have also enjoyed strong performance in our UK funds. UK Growth and Special Situations are ranked 3rd and 4th out of 267 funds in the UK All Companies sector over one year while UK Smaller Companies is ranked 4th out of 48 funds in the IA UK Smaller Companies sector.

"The acquisition of Argonaut's European Income business has further diversified our fund management capability and enhanced our equity income franchise. The Asia Income and Macro Equity Income funds offer historic yields of 4.45% and 4.47% respectively while the European Income and European Enhanced Income funds have target yields of 4.1% and 4.4% respectively.

"This broader range of fund management capability and strong fund performance gives me confidence that we will continue to grow the business over the rest of the financial year."