UK asset manager Liontrust posts 1.6 bln pound net outflows for quarter (updated)

Gam Holding AG

18/10/2023 07:37

(Adds background and comments from CEO in paragraphs 3 to 5.)
       Oct 18 (Reuters) - British asset manager Liontrust Asset
Management  LIO.L  on Wednesday reported net outflows of 1.6
billion pounds ($1.95 billion) for the three months to September
on weak investor sentiment due to higher interest rates.
    "Liontrust has been impacted by our bias towards equities,
the quality growth style, mid and small caps and the broad
negative sentiment towards the UK," it said in a statement as it
also reported a 6.3% decline in assets under management.
    The events highlight the importance of the group's strategic
objectives of diversifying its product and geographic mix, its
chief executive, John Ions, said in written remarks.
        His comments come after a failed attempt by Liontrust to
acquire ailing Swiss rival GAM  GAMH.S .
    "The proposed acquisition of GAM would have accelerated our
strategic objectives; without GAM, they do not change and our
belief in them has only strengthened," Ions said.

($1 = 0.8203 pounds)

 (Reporting by Yadarisa Shabong in Bengaluru
Editing by Bernadette Baum)
 ((Yadarisa.Shabong@thomsonreuters.com; +91 9742735150;))