Liontrust Asset Management (LSE:LIO) PLC said outflows continued in the past quarter but assets under management grew 0.6% over the period.
The fund management group announced it has poached two senior figures from GAM Investments: Mark Hawtin (pictured), who will be head of global growth equities from May; and Jeremy Roberts, who will join in April as head of global distribution.
Net outflows hit £1.7 billion for the three months ended 31 December, the third quarter of the group’s financial year, up from £1.6 billion in each of the first and second quarters.
Assets under management and advice finished at £27.8 billion, but were back down to £27.2 billion as at the end of last week.
Chief executive John Ions said two of the drivers of the net outflows were “the ongoing negative sentiment among investors and the current challenges facing active asset managers”.
“These challenges include the fact active managers have never been confronted by such a competitive environment to attract and retain assets as is the case now, both from within and outside the sector.
“But there are still strong long-term tailwinds behind asset management. People's need to save and invest for the future has never been greater. And equity markets are currently offering the chance to invest in some quality companies at attractive entry points, especially among small and mid-caps. This is perfect territory for active managers, and an opportunity to attract assets.”