Liontrust posts a loss of £1.7m due to restructuring
FUNDS management house Liontrust has posted a full year pre-tax loss of £1.7m, after restructuring costs dented the group’s profitability.
The London-listed firm said it had paid out several million in related one-off costs, including severance compensation payments totaling £1.5m.
Restructuring efforts also included the rebranding and refocusing of some of its funds and the sale of its credit team.
Performance fees at the fund manager fell to £1.3m, down from £3.4m a year earlier, further knocking the firm’s profits.
Liontrust also had to pay £420,000 into the Financial Services Compensation Scheme levy, the charge raised on City investment houses for the collapse of Keydata.
The firm did however post an increase in assets under management to £1.3bn, up from £1.1bn a year earlier.
“It has been a challenging start with your company but I believe we are now well positioned to take the company forward. I relish the challenge,” chief executive John Ions said.