Liontrust to absorb research costs post-MiFID II

Joins majority of managers

Liontrust Asset Management has said this morning it will take research costs onto its own P&L following the implementation of MiFID II in January, with an estimated annualised impact on the group's revenues of £1m-£1.5m.

The group is among the majority of asset managers to decide to absorb research costs, although there are some outliers including Miton and Crux AM. Meanwhile, in its results this morning, Liontrust reported AUM has now gone through the £10bn barrier, to reach £10.1bn at close of business on 21 November. This includes its acquisition of Alliance Trust Investments at a cost of £29.4m, which completed in April 2017 and added £2.5bn in AUM. Since the completion date, the group said the ATI business has contributed revenue of £4.7m and a net loss of £1.9m (including reorganisation costs). ...