Liontrust hit by star departures

10th Jun 2009 13:25

Funds under management slumped at Liontrust Asset Management last year in what it described as "arguably the most difficult" it has ever faced.Assets dropped by 60% £4.7bn to £1.9bn in the year to March with net outflows of £1.37bn. The turmoil in the equity markets knocked off a further £1.44bn. At 9 June, assets had fallen again to £1.2bn.Liontrust took a body blow in January when, Jeremy Lang and William Pattisson, two of its top directors and fund managers resigned. "The resignations of Jeremy Lang and William Pattisson have also impacted on our assets under management and therefore revenues and profits," said Nigel Legge, chief executive today.Revenues fell from £40.9m to £36m while pre-tax profits fell 25% to £12.4m from £16.5m. A final dividend of 5p cuts the total for the year from 12.5p to 7.5p.