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Liontrust Asset Management PLC on Tuesday reported that its assets grew in its first quarter, despite a challenging economic environment that hampered its growth.
For the three months ended June 30, the London-based asset management firm's assets under management and advice stood at £34.2 billion. This reflects a 2.1% increase from £33.57 billion on the same date a year before.
Compared to £33.55 billion as at April 1, assets under management and advice increased 1.9%.
This can be put down to the acquisition of Majedie Asset Management Ltd. The FTSE 250 company completed the acquisition of the investment management company in the period, which added £5.15 billion to its assets under management and advice.
Net outflows totalled £541 million in the three months to June 30. The market and investment performance hit net assets by $3.91 billion.
Liontrust said that a challenging environment, due to the war in Ukraine, inflationary pressures, supply chain issues, and strains on economic growth, hampered its performance and net flows.
‘This continues to be a challenging year for investors, especially those who have a bias towards growth stocks,’ Chief Executive John Ions said.
Nonetheless, the company said that it remains confident about its long-term prospects.
Shares in Liontrust Asset Management were trading 0.2% higher at 906.00 pence in London on Tuesday morning.
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