Shares in Liontrust Asset Management (LIO) rose 7 per cent after the fund manager revealed that assets under management for the year to the end of March 2016 had increased by the same amount to £4.8bn. Net inflows to its funds topped £250m, while a £42m positive market performance also boosted the group's assets during the year. However, choppy investment markets wiped £36m from Liontrust's funds during the final quarter.
The fund manager is set to acquire Argonaut's European income fund management business, which it expects to increase its funds under management by almost £300m. The purchase will extend the group's European equity exposure.
IC TIP:
Buy
at
277p
