Net positive inflows of £15m were seen in the period from the 1 October to 31 December, which took the yearly inflows total to £74m.
Since the start of this year Liontrust said the positive trend had continued with £15m of inflows in the first month alone.
AUM as at 30 January were £1.409bn, the first time since June 2009 AUM has exceeded £1.4bn.
John Ions, chief executive of Liontrust, said: "Net positive inflows in the fourth quarter were a significant achievement given that other asset managers have reported net outflows over the same period.
"In 2011, Liontrust Special Situations Fund was the best performing fund in the IMA UK All Companies Sector, while Liontrust UK Growth Fund and Liontrust UK Smaller Companies Fund were third in their respective sectors.
"We have expanded our fund management and distribution capability, particularly in continental Europe and the Middle East, through completing the acquisition of Occam Asset Management in October 2011."
