UK wealth manager Liontrust's quarterly outflows narrow, but retail withdrawals persist
UK wealth manager Liontrust's quarterly outflows narrow, but retail withdrawals persist Oct 21 (Reuters) - British fund manager Liontrust Asset Management LIO.L reported net quarterly outflows on Wednesday as persistent retail withdrawals outweighed stronger institutional demand.
Net outflows narrowed to £459 million ($613.6 million) in the second quarter from £1.24 billion a year earlier
Outflows from UK retail funds and model portfolios totalled £666 million, outweighing £209 million of inflows into institutional accounts
The asset manager benefited from investor rotation out of US equities, strong demand for its European strategies and expansion of its international distribution network
Assets under management and advice edged down to £24.06 billion from the previous quarter
Liontrust expects to add about £1.9 billion of assets from its Hawksmoor acquisition by year-end
($1 = 0.7481 pounds)
(Reporting by Atharva Singh in Bengaluru; Editing by Sherry Jacob-Phillips)
((Atharva.Singh@thomsonreuters.com;))