Liontrust pays £781k to shut global team after nine months

The decision to cut Ross Hollyman's global equity team, which ran less than $1m of internal money, has cost boutique manager Liontrust £781,000.

Hollyman's global team, which moved from GAM in October 2009, was closed by new Liontrust CEO John Ions in July. Liontrust said at the time the closure was part of an effort to focus on existing products and assets. "The cost of the global equities team closure was £781,000, which includes severance compensation payable to Mr Hollyman and his team, set-up and closure costs for the Guernsey and Jersey companies that were set up to house the Global equities business, related legal expenses, social security costs and VAT," Liontrust says. The group, which has £15m in net cash and fina...