Lang departure prompts Liontrust profit drop

The departure of star managers Jeremy Lang and William Pattisson in April has impacted on Liontrust Asset Management's profits, which fell to just £0.5m for the six months to 30 September, down from £6.1m for same period in 2008.

However, assets under management stabilised albeit at much lower levels than last year. At the end of September, Liontrust's AUM had fallen to £1.3bn; one third of the level compared to the same period in 2008. The group confirmed this had fallen further to £1.2bn by 24 November this year. Liontrust managed to maintain its interim dividend at 2.5p per share, helped by performance fee earnings of £2.2m, although they were £1.7m down on last year. In his interim statement, chief executive Nigel Legge acknowledges the need to ‘rebuild Liontrust' after the departure of Lang and Pattisson...