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(Sharecast News) - Fund manager Liontrust Asset Management revealed on Wednesday that outflows had continued during the three months ended 31 December but said it had managed to deliver a small improvement in assets under management.
Net outflows came to £1.7bn for the third quarter of the group's financial year, up from £1.6bn in the previous quarter, while assets under management and advice rose 0.6% to £27.8bn at the end of the period.
However, AuM was back under £27.2bn as of 12 January.
Chief executive John Ions said: "Among the drivers of the net outflows in the last quarter, totaling £1.7bn, were the ongoing negative sentiment among investors and the current challenges facing active asset managers. These challenges include the fact active managers have never been confronted by such a competitive environment to attract and retain assets as is the case now, both from within and outside the sector.
"I look forward to this year with confidence. We are broadening our distribution, driving forward sales and expanding our investment talent to build on our robust investment processes and strong brand."
As of 1125 GMT, Liontrust shares were down 3.89% at 556.0p
Reporting by Iain Gilbert at Sharecast.com
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