LIONTRUST ASSET MANAGEMENT PLC 
By Embargoed until 7am on 15 January 2013
Stock Exchange Announcement LIONTRUST ASSET MANAGEMENT PLC Interim Management StatementLiontrust Asset Management PLC ("Liontrust" or the "Group"), the specialist independent fund management group, is today issuing its Interim Management Statement for the period from 1 October to 31 December 2012 (the "Interim Period") as required by the FSA's Disclosure and Transparency Rules.
Highlights
Net inflows of £64 million in the Interim Period, over four times the equivalent period last year
Net inflows for the financial year to 31 December 2012 of £253 million, over three times the equivalent period last year
Assets under Management ("AuM") as at close of business on 31 December 2012 were £2,530 million
AuM as at close of business on 11 January 2013 were £2,584 million. AuM in UK
retail funds is now above £2,000 million
8 out of 9 of our actively managed UK retail funds have outperformed their respective sector averages since launch or fund manager inception
Liontrust has won another two awards, including being voted Fund Management
Group of the Year by readers of Shares magazine
Commenting, John Ions, Chief Executive, said:
"We have continued to generate impressive growth in assets under management since the start of the financial year, delivering net inflows of £64 million over the past three months. We have broken through £2,500 million in AuM and have recorded 10 successive quarters of net inflows despite the ongoing volatile market and economic environment.
"Our long-term performance is impressive. All bar one of our actively managed unit trust funds has outperformed the average fund in their respective sectors since launch or the current fund managers took on the management of the funds.
"This performance should enable us to benefit from the improving sentiment towards equity
investment over the last few months, which is where all our assets are currently managed.
"We are well positioned for the distribution changes brought on by RDR, the profile of Liontrust continues to grow and it is gratifying to have received a great deal of independent recognition of our success over the past year. We have received awards from Money Observer, Moneywise, What Investment and Investment Week and have been voted Fund Management Group of the Year by readers of Shares magazine. This is a testament to how far Liontrust has progressed over the past two and a half years.
"We are continuing to maintain the momentum through Michael Mabbutt joining Liontrust on 2 January 2013 as Head of Global Credit and the launch of a Dublin-based Global Strategic
Bond fund in February 2013*. Michael has a long, proven track record of delivering strong performance for the investors in the funds that he has managed.
"The Fund will have the flexibility to invest across all areas of global credit and currency that will prove an advantage if bond markets experience a more challenging environment. The move into Credit also diversifies Liontrust away from its current focus on UK, European and Asian equities.
"I am confident that we can continue the growth in Liontrust's AuM and revenue given the strong fund management teams we have and the excellent track record of our funds over the long term."
* - Subject to appropriate regulatory approvals
Funds under Management
On 31 December 2012, our AuM stood at £2,530 million (31 March 2012: £1,529 million), an increase of 65% since 31 March 2012, and were broken down by type and process as
follows:-
Process Total
(£m)
Institutional
(£m)
UK Retail
(£m)
Offshore Funds
(£m)
Cashflow Solution 791 397 388 6
Economic Advantage 1,138 - 1,135 3
Macro Thematic 539 145 394 - Asia 11 - 10 1
Indexed 51 - 51 -
Total 2,530 542 1,978 10AuM as at close of business on 11 January 2013 were £2,584 million.
Funds Flows
Liontrust recorded net inflows of £64 million in the Interim Period (1 October to 31
December 2011: £15 million), the 10th successive quarter in which the Group has had net inflows. Net inflows for the financial year to 31 December 2012 were £253 million (1 April to
31 December 2011: £74 million).
A reconciliation of fund flows and AuM over the Interim Period is as follows:-
Total £m | Institutional £m | UK Retail £m | Offshore Funds £m | |
Opening AuM - 1 October 2012 | 2,364 | 570 | 1,756 | 38 |
Inflows | 328 | 5 | 321 | 2 |
Outflows | (264) | (58) | (174) | (32) |
Net flows | 64 | (53) | 147 | (30) |
Market movement | 102 | 25 | 75 | 2 |
Closing AuM - 31 December 2012 | 2,530 | 542 | 1,978 | 10 |
Performance fees
Performance fees of £nil were earned in the Interim Period (1 October to 31 December
2011: £0.8 million). Accordingly, in the nine months to 31 December 2012, £20,000 were earned (1 April to 31 December 2011: £1.405 million).
Fund Performance (Quartile ranking)
All bar one of our nine actively managed unit trust funds have out-performed their
respective sector averages since launch or fund manager inception. Seven of the funds are in the first quartile of their respective sectors over this period.
Quartile ranking - 1 year
Quartile ranking
- 3 year
Quartile ranking -
5 year
Quartile ranking - Since Manager tenure
Launch / Manager appointed
Liontrust Income Fund 1 2 - 1 25/03/2009
Liontrust UK Growth Fund 3 1 - 1 25/03/2009
Liontrust Special Situations Fund 1 1 1 1 11/11/2005
Liontrust UK Smaller Companies Fund 1 1 1 1 08/01/1998
Liontrust European Absolute Return Fund 4 3 - 4 09/07/2009
Liontrust European Growth Fund 4 1 1 1 15/11/2006
Liontrust Asia Income Fund - - - 2 05/03/2012
Liontrust Macro Equity Income Fund 4 3 2 1 31/10/2003
Liontrust Macro UK Growth Fund 4 4 2 1 01/08/2002
Source: Financial Express, total return, bid to bid, to 31 December 2012 unless otherwise stated. The above funds are all UK authorised unit trusts (retail share class). Liontrust FTSE 100 Tracker Fund (index fund) not included. Past performance is not a guide to the future; the value of investments and the income from them can fall as well as rise. Investors may not get back the amount originally subscribed.
Global Credit Division update
Michael Mabbutt joined Liontrust on 2 January 2013 as Head of Global Credit.
Felix Martin will join the Global Credit division on 1 February 2013 as an Economist. Felix began his career with The World Bank in Washington D.C. before moving onto Thames River Capital. Felix graduated from Balliol College, Oxford University in 1996 with a degree in Classics and Philosophy. He also holds an M.A. in International Relations and International Economics, a M.Sc. in Economics and Development and an Ph.D. in Economics.
New fund launch - Global Strategic Bond Fund
Subject to appropriate regulatory approvals, Liontrust GF Global Strategic Bond Fund (the "Fund") will be launched in February 2013. The launch of the Fund will diversify our fund offering away from its current focus on UK, European and Asian equities.
Annual Investment Conference
On 22 January 2013, we expect more than 170 clients to attend the third Liontrust annual investment conference at The Savoy where all five of our fund management teams will be making presentations.
Awards
We are proud to announce the following awards received during the Interim Period:
Readers of Shares magazine voted Liontrust the Fund Management Group of the
Year at the Shares 2012 Awards in November 2012.
Liontrust Special Situations was named Best Fund in the UK All Companies sector at the Moneywise 2012 Fund Awards in November 2012.
Liontrust has also been nominated for the Best Financial Services PLC at the UK Stock Market
Awards 2013, which is organised by Shares magazine.
John Ions www.liontrust.co.uk
Vinay Abrol
Simon Hildrey - Head of Marketing & Communications
Jonny Franklin-Adams
Jenny Wylie
Forward Looking Statements
This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and businesses and plans of the Group. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that have not yet occurred. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. As a result, the Group's actual future financial condition, results of operations and business and plans may differ materially from the plans, goals and expectations expressed or implied by these forward-looking statements. Liontrust undertakes no obligation publicly to update or revise forward-looking statements, except as may be required by applicable law and regulation (including the
Listing Rules of the Financial Services Authority). Nothing in this announcement should be construed as a profit forecast or be relied upon as a guide to future performance.
Other information
The release, publication, transmission or distribution of this announcement in, into or from jurisdictions other than the United Kingdom may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, transmitted or distributed should inform themselves about and observe such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction.
ENDS
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