The trading update comes a day after the company said it is
in talks with GAM Holdings to combine its investment management
unit with the Zurich-based company.
($1 = 0.8060 pounds)
(Reporting by Sinchita Mitra in Bengaluru; Editing by Rashmi
Aich)
(Adds details, background)
April 19 (Reuters) - British asset manager Liontrust on Wednesday forecast its full-year profit to be ahead
of market estimates, mainly driven by a strong jump in fee
revenues, after it reported significant quarterly net outflows.
The company saw net outflows of 2 billion pounds ($2.48
billion) for the three months ended March 31, compared with
outflows of 632 million pounds in the previous three months.
After witnessing robust asset growth during the pandemic,
fund managers are now struggling with weak investor sentiment
due to volatile stock markets amid fears over raging inflation
and a potential global recession.
The London-listed company, which saw its assets under
management and advice drop 3.6% to 31.4 billion pounds as at
March 31 from December end, said it expected annual adjusted
profit before tax to be not less than 86 million pounds.
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