Liontrust Asset Management has reported a 10% decrease in profit from £96.6m to £87.1m for the financial year ended 31 March.
The audited results which were published today (21 June) showed a decrease in gross profit from £231m to £230m.
It also reported a 14% decrease in earnings per share of 109.8 pence per share from 127.6 pence per share.
Assets under management and advice were also down by 6% from £33.5bn to £31.4 bn.
Liontrust also reported net outflows of £4.8bn in the financial year ended 31 March. Last year’s inflows were £2.5 bn.
The specialist fund management group put the challenging results down to the adverse economic climate.
The latest result comes ahead of proposed acquisition of Switzerland-based asset manager GAM Holding AG.
Liontrust said the acquisition is part of its strategic aims of boosting growth and expanding its market share in the global investment management space.
Chief executive John Ions said: “We are focused on ensuring the future growth of Liontrust. The business is in strong health despite the challenges of the past year, and we are seeking to build on this through the proposed acquisition of GAM Holding AG to accelerate the strategic aims of Liontrust becoming a specialist global investment manager.”
Ions added that combining the two businesses will give a stronger platform for future growth that will benefit clients, shareholders and employees of both Liontrust and GAM.
“This is shown by GAM’s investment managers publicly endorsing the proposed acquisition by Liontrust.”
Liontrust said after the acquisition Zurich in Switzerland will become its headquarters for continental Europe.
Meanwhile, GAM Holding AG also published its financial results today. It showed a pre-tax loss of CHF 11.2m (£9.8m) in the three months to the end of March.
The group sells to a wide range of client segments such as institutions, wholesale intermediaries, financial advisers, and private investors.
