- Outflows continue to spiral
- Analysts ask for a strategy
Liontrust (LIO) grabbed the headlines for all the wrong reasons after failing to land its controversial takeover of rival manager GAM earlier this year. The fallout from that episode was realised in these results as the company booked £8mn of charges in the half, out of a total of £11mn related to the failed bid. This, combined with a £30mn impairment charged for its Majedie acquisition, tipped the company into a significant statutory pre-tax loss of £10mn.
"The board is pleased that Liontrust attempted to acquire GAM and then remained resolute in sticking to a price that we believe was fair for the value of the business," the company said.