Asset manager Liontrust today vowed to maintain its dividend as it doubled down on its current strategy in the face of “challenging” macro-economic conditions.
The FTSE 250 asset manager’s chair said Liontrust remains “steadfast” in its belief that its current strategy is “the correct one” and that is being “implemented effectively as possible,” as he warned against losing focus on long-term goals.
The statements come after Liontrust told investors the value of its assets under management have dropped 11 per cent over the previous year to £31.7bn as of 30 September 2022.
Liontrust chief executive John Ions said: “We have seen the impact of macro-economic events in the UK and globally on asset manager sales this year, and Liontrust has not been immune to this.”
The asset manager’s pre-tax profits also dropped 55 per cent to £14.1m, due to higher costs relating to acquisitions, following its decision to snap up London asset manager Majedie for £120m in April.
Ions said: “I believe our current strategy will enable us to emerge from the current environment in a strong position within the UK asset management industry.”
He explained that “acquisitions remain a key part of meeting our strategic objective of expanding Liontrust’s distribution and products to diversify our business.”
Liontrust’s adjusted pre-tax profits however increased 9 per cent to £42.9m year on year, leading to a four per cent increase in the firm’s adjusted diluted earnings per share (EPS) to 53.87p. The asset manager also maintained its dividend at 22p per share.
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