Non-executive chair Alastair Barbour will step down from his position on the Liontrust board at the end of the annual general meeting on 19 September.
Barbour joined the board in 2011 and was appointed as chair in 2019. UK Corporate Governance code states that board members should not keep their post past nine years of first appointment to the board.
Luke Savage, who is currently chair of Chesnara and non-executive director of Deustche Numis, will be appointed as new non-executive director and chair on 20 September.
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“I am proud to have been chair of Liontrust. The group has built a great business; one that is in strong financial health. This is based on the hard work and dedication of everyone at Liontrust and I thank them for their contribution,” Barbour said.
“I wish Luke all the very best as the new chair from September. I will be watching closely, willing Liontrust on to further success, knowing that they can grow through their strong investment teams, distribution and brand. Luke has the breadth of experience, knowledge and ability to chair Liontrust for its next phase of growth.”
Savage takes over the position following a pre-tax profit drop of 23% in full year results announced 26 June. Assets under management also dropped in the year by 11.5% to £27.8bn.
John Ions, chief executive officer, said: “Alastair has made a significant contribution to Liontrust as a Non-executive Director and then Chair since 2019, with the Group’s AUMA nearly doubling over the past five years. Alastair has provided great guidance and advice, and I would like to thank him for all the support he has provided.
“We look forward to welcoming Luke as the new chair as Liontrust seeks to continue to develop the business and ensure we are well positioned for the growth in the savings market. Luke has extensive experience across the financial services industry, including in pensions and asset management, and this will be hugely beneficial to Liontrust in the years ahead.”
Savage added: “I thank the board for the opportunity of succeeding Alastair as chair. It is to Alastair’s and their credit that Liontrust is such a strong business. I have been impressed by the ambition and strategy of John Ions and Vinay Abrol, the talent they have in their teams and am confident that Liontrust can take advantage of the many opportunities that lie ahead.”
