UPDATE: Liontrust Asset Management Closes Global Equities Team

1st Jul 2010 14:12

(Adds interview, share price.) By Razak Musah Baba Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Liontrust Asset Management PLC (LIO.LN) said Thursday it is closing its Global Equities team with immediate effect as part of its review into increasing profitability and implementing a more focused strategy across the business, and confirmed that the three other fund management teams are performing strongly. The independent investment management company added that it is confident of increasing the assets managed by the other teams over the coming months and years. In an interview with Dow Jones Newswire, Simon Hildrey, marketing and communications director said the company has been rebranding and focusing on sales, and has no plans to close any other fund management teams. Hildrey didn't disclose how much the closure of the Global Equities team will cost, or any potential savings going forward. The team is currently on garden leave but no final date has been disclosed. Liontrust also said it has rebranded its distribution business and will deliver more targeted information for clients, adding that an advertising campaign will begin in August to raise awareness of its fund performance. The compaign, the first in the company's history, will help boost Liontrust's strategy and performance, Hildrey said. Shares at 1310 GMT unchanged at 76.25 pence, valuing the company at 25.67 million, compared with a lower FTSE SmallCap market--down 1.01%. -By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275; [email protected] (END) Dow Jones Newswires July 01, 2010 09:12 ET (13:12 GMT)