Liontrust rakes in £830m ahead of Majedie acquisition

FTSE 250 fund group aims to complete takeover by April 2022


Liontrust raked in £832m in net inflows over the third quarter of its financial year, as it readies to complete its acquisition of Majedie.

The FTSE 250 fund house kept up momentum in the final three months of the year, while other rivals struggled, taking assets under management and advice to £37.2bn, a 20% increase compared to last year.

Net flows for the nine months to 31 December 2021 were £2.9bn, which chief executive John Ions (pictured) said was down to the firm’s “continued focus on meeting client expectations”.

As with previous quarters, its sustainable funds were responsible for the lion’s share of new client money over the period. Total assets climbed from £13.2bn at the end of September to £14.6bn, most of which was driven by retail investors.

AUMA in its Economic Advantage range, the UK franchise run by Anthony Cross and Julian Fosh, lifted slightly from £10.1bn to £10.2bn quarter-on-quarter, while its global equity funds edged up to £3.2bn.

Multi-asset AUMA remained flat at £7.4bn.

Liontrust sets completion date for Majedie takeover

But Liontrust is set to receive a further boost to assets from its acquisition of boutique manager Majedie.

The deal, which adds a seventh team to Liontrust’s stable and £5.8bn in AUMA, has now been given an April completion date.

Ions reiterated the deal would enhance the company’s distribution in the institutional space and be earnings enhancing from its 2023 financial year.

“The positive reaction we have had to the announcement of the agreed deal from clients of both Liontrust and Majedie has been very pleasing,” he said in the Q3 update.

Elsewhere, Liontrust announced Emma Howard Boyd CBE has joined the board as a non-executive director. Liontrust was one of several investment groups flagged for its all-male executive committee in last year’s Alexander Hampton review.

See also: Liontrust acquisition of Majedie raises questions about ‘obvious overlap’ in UK funds

Liontrust AUMA for Q3 2021

Total Institutional UK Retail Multi-Asset Offshore
(£m) (£m) (£m) (£m) (£m)
Sustainable Investment 14,569 158 13,314 0 1,097
Economic Advantage 10,181 158 9,288 0 412
Multi-Asset 7,357 0 0 7,357 0
Global Equity 3,243 195 3,048 0 0
Cashflow Solution 1,062 701 301 0 60
Global Fixed Income 809 0 353 0 456
Total 37, 239 1,535 26,304 7,357 2,025


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