Liontrust Asset Management H2 2026 Earnings Report

Liontrust Asset Management EPS Results

• Actual EPS: GBX 15.40
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Liontrust Asset Management Revenue Results

• Actual Revenue: $134.38 million
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Liontrust Asset Management Announcement Details

• Quarter: H2 2026
• Date: 6/24/2026
• Time: Before Market Opens
• Conference Call Date: Tuesday, June 30, 2026
• Conference Call Time: 5:00AM ET

Liontrust Asset Management (LON:LIO) is a publicly owned investment manager. The firm also launches equity, fixed income, , multi-asset and managed funds for its clients. It invests into the public equity and multi-asset markets across the globe. The firm was formerly known as River and Mercantile Investment Management Limited. Liontrust Asset Management Plc was founded in 1994 and is based in London, United Kingdom.

Liontrust Asset Management H2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Liontrust said net outflows have improved, falling to a little under GBP 300 million for the quarter as the business broadens its client base and distribution footprint.
• Positive Sentiment: The company highlighted better performance across its range, with eight funds now first or third quartile over one and three years, helping support a more favorable flow picture.
• Positive Sentiment: Liontrust is expanding internationally, including new presence in Switzerland and Abu Dhabi, and said it is seeing growing institutional interest from the Middle East, Japan, Asia, Latin America and Europe.
• Neutral Sentiment: The completion of the River Global acquisition will add more value-oriented capabilities and a global income proposition, broadening Liontrust’s product mix beyond its existing quality growth strengths.
• Positive Sentiment: Financial discipline remains strong, with GBP 51 million of cash, nearly GBP 30 million of surplus capital, a sustainable dividend policy, and GBP 30.5 million in adjusted profit despite lower assets under management.

Presentation

[Operator]

To the Liontrust Asset Management PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time via the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Simon Hildrey, Chief Marketing Officer. Good morning, sir.

[Simon Hildrey, CMO at Liontrust Asset Management PLC]

Good morning. Thank you very much for joining the Liontrust presentation. This morning, I'm joined by John Ions, CEO, Vinay Abrol, CFO, and John Husselbee, Head of Multi-Asset Investment. It's just under a week since Liontrust released their full year results. John, I just want to start though, by looking at the last few months. We've seen a reduction in net outflows. Could you talk a little bit about what's driven that and how you've seen the progress of Liontrust over the last few months?

[John Ions, CEO at Liontrust Asset Management PLC]

Yeah. Good morning, everybody. Welcome to the presentation. Looking at the half year, we said that our strategy would lead to a better shape of the business and a more diversified client base, and a positive business pipeline. That strategy and that progress has been meaningful and deliberate, and you can see it in the results. We have broadened out our distribution roots further to according to GBP 800 million of institutional mandates. That has helped the overall flow reduction mix, reduced to a little under GBP 300 million for this quarter. I suppose the way we've broadened out the business has provided us with a better mix of things. It's still been a very challenging period for the industry, a challenging period for active managers.

[John Ions, CEO at Liontrust Asset Management PLC]

In the past, we've talked about the heavy concentration in markets and investors looking for areas in which active managers can add value. As we've begun to move through this year, we've seen an improvement in performance. We've eight funds now in the first and third quarter over a year. First quarter over a year, three years. That's three of the global products, the strong performance of our European fund and the fixed interest funds. That broadening out of our performance and our product suite combined with our very strong brand identity and distribution franchise we've earned, has led to this improvement in flows. We've still got a challenging period, but one of our things was to look at how do we broaden out our client base. We had an office in Luxembourg.

[John Ions, CEO at Liontrust Asset Management PLC]

We closed that down.We set up an office in Switzerland, and set them sales covering Europe. We've also opened up an office in Abu Dhabi, in the Middle East, where last time we were beginning to see strong incoming demand from institutions, from consultants, predominantly initially based around the European product and the inquiries coming in there. That's where you see inflows coming in. Those inquiries are from the Middle East, from Japan, from Asia. That pipeline continues to broaden and to develop. You've seen that in the flow profile improving. One of the other things we did was to merge the two fixed interest teams together. That gave it all size and credibility. We transferred some of the assets that were managed by external managers to that team.

[John Ions, CEO at Liontrust Asset Management PLC]

The bulk of that, combined with the strong performance those teams have enabled us to get very much on the front foot there and to start to begin to see inquiries from institutions both in Latin America and in Europe going forward. The expansion of the distribution base is not to put any less emphasis on the U.K. retail market. It's still the heart and the core of our business. As we said, from really last year, we began to see institutional investors look for areas to invest other than the U.S. We think that's very much more of a leading indicator as to where investor demand is going. That's continued to increase and improve and the assets of the European product probably were up around GBP one billion two and a half years ago.

[John Ions, CEO at Liontrust Asset Management PLC]

I would stand at GBP four and a half billion today. It goes to show that if we have the strong product and the right product, we have the roots to market and the brand strength to be able to do that. The brand's maintained its resilience. We've had two very challenging years flow wise. It's quite often I think people get brand and performance caught up. Having gone through a more challenging period performance wise for the brand to stay in the position it has stayed in, and still one of the preeminent brands in the retail space in the U.K., is a testament to the levels of engagement that we have with our clients.

[Simon Hildrey, CMO at Liontrust Asset Management PLC]

John Husselbee, we're going to dive into some of these improvements. Can we start with the capabilities and what we've done with the capabilities recently?

[John Husselbee, Head of Multi-Asset at Liontrust Asset Management PLC]

Yeah. As John said, we're not just waiting for markets to rotate back into our favor. We are actively continuing, actively broadening our investment capabilities, and that's because the environment has changed. We're living in a world now where globalization is contracting, fragmenting, and geopolitics is very much reshaping the global supply chains. Governments themselves are increasingly influencing markets through changes in taxation, changes in regulation, and policy. At the same time, we're seeing technology, particularly AI, accelerating across industries. What's that doing? It's creating different winners, different losers, at a much faster pace than we've seen before. What we're seeing is investors actively seeking diversification, seeking active decision-making rather than relying just upon passive exposure. As John said, we looked within our capabilities within Liontrust.

[John Husselbee, Head of Multi-Asset at Liontrust Asset Management PLC]

One of the things that after seeing the reset in bond markets, yields obviously clearly a lot higher they are today than they were three, four years ago. We've seen demand for fixed income. We've taken the opportunity to integrate our two teams. It's already seeing some good results. This is our High Yield Bond Fund that we're showing up on the screen. You can see good performance, top quartile performance against peers and outperforming their relative primary benchmarks as well. We're seeing it beyond single strategy. We're also seeing demand for solutions, so diversification of solutions. We're seeing in the wider market that people are moving away from individual funds and looking for solutions. What we've got on here is our range of blended and dynamic multi-asset funds, again, showing a good performance against wider peer groups.

[John Husselbee, Head of Multi-Asset at Liontrust Asset Management PLC]

That performance is not going unnoticed. We've recently done a roadshow around the IFA market as a third of one we've done in the last couple of years. As I said, very much attracting attention in that respect.

[Simon Hildrey, CMO at Liontrust Asset Management PLC]

You talked about the rise of passives, John, and the momentum-driven market. Does Liontrust have enough capabilities? Do we have enough board, enough capabilities for that?

[John Husselbee, Head of Multi-Asset at Liontrust Asset Management PLC]

I think we should look at that concentration. A lot of people, when we think about concentration in markets, they naturally think of the U.S. and the Magnificent Seven. As this slide shows you, that concentration is global. It's global for equity markets wherever you look. A small number of stocks are driving a disproportionate amount of the return of the market. We have narrow markets, we have large winners. The challenge for passive investors, the biggest risk for passive investors is if one of those large winners falls over, you're going to fall with it. That's why we see a significant opportunity for active managers providing diversification, and that's where that demand is coming from. We're seeing that demand across all areas and all sections.

[John Husselbee, Head of Multi-Asset at Liontrust Asset Management PLC]

This chart here will just show you the top buy flows, the top 15 sectors which investors are looking at. The orange bars there show you, as I said earlier on, that demand for bond. You can see diversification that investors are seeking, diversification right across asset classes, right across geographies, right across investment styles. You need to have a broad investment capability, and that's what we have today. We're actively seeking to basically keep that breadth going, whether it's by asset class, by geography, or by investment style. This today is how we'd be set up when we're looking across equities, fixed income. Also the solutions in terms of multi-asset, sustainable, and not forgetting alternatives themselves. We already have funds which are delivering in the current market conditions.

[John Husselbee, Head of Multi-Asset at Liontrust Asset Management PLC]

European Dynamic is a good example of a fund and a process and a philosophy that can deliver as the market and the leadership changes from cycle to cycle. Of course, I mentioned AI and technology earlier on. We're going through a digital transformation. AI is changing everything. We have in the Global Tech Fund, which is shown here on the screen now, we have first quartile performance that we're very proud of, again, against peer groups and against our chosen benchmark.

[Simon Hildrey, CMO at Liontrust Asset Management PLC]

Today, we're completing the River Global acquisition. Can you talk about what that will bring in terms of capability as well?

[John Husselbee, Head of Multi-Asset at Liontrust Asset Management PLC]

Actively seeking broader investment capabilities. One of the best ways to show you what that brings in terms of talent and investment styles to Liontrust is to look at the chart on the right-hand side of this. It's a chart that basically divides the market into investment style, value, growth, momentum, and quality in that regard. You can see with the orange bubbles here, that's what River Global brings to us. Our most success in recent years has come in that quality growth space, with basically the need for diversification, the changing styles we've seen of value coming back, and clients beginning to buy value again. You can see that how, in terms of a jigsaw, how River Global fits very neatly into that value space that we've got. They've got some performance besides it.

[John Husselbee, Head of Multi-Asset at Liontrust Asset Management PLC]

You can see here some good numbers, not only over the short term, but long-term numbers as well, which they bring with them as well.

[Simon Hildrey, CMO at Liontrust Asset Management PLC]

John, you talked about distribution, broadening distribution. How will River Global help us with furthering that?

[John Ions, CEO at Liontrust Asset Management PLC]

I think I've touched on it earlier, that our style, which had been more of a small mid-cap quality growth, which is responsible for a lot of the Liontrust growth. When the market moved a little more towards value and momentum, we didn't have a wide enough range of products. If you look at the River acquisition, their style is very much more value orientated. It has a very good global income proposition there. If you think back to one of the previous charts John was showing, that's the one area in active management in equities that has inflows there. I think the issue with River was it had very talented fund managers with good performance track records, but because of the corporate instability and the lack of resource, its routes to market were much more limited.

[John Ions, CEO at Liontrust Asset Management PLC]

As I say, the deal completes today. Their fund management teams will be in our office there as of tomorrow. We've already started that process of engaging with them and with our sales team and our distributors and franchisees to very much to get on front foot and to unlock the potential that we see in there. That chart there, the pipeline is clearly strengthening and that diversification driven by the institutional and the international activities there. The conversion still remains key. With the institutional marketplace, there's a longer leading time to that there. I also want to stress that it's not just the European franchise that was there. One of the larger mandates that we won earlier this year was with the sustainable team.

[John Ions, CEO at Liontrust Asset Management PLC]

The sustainable team, much more challenged performance-wise because of the types of stocks that are driving the markets do not necessarily fit into that sustainable criteria. For those clients that are committed to investing in that way, the strength of the franchise and the proposition holds up well, and we won a large mandate from an existing investor in that space. With the U.K. smaller companies side, there's ongoing interest there against a market and a sector place that has halved in size over the last two or three years. Where we can identify opportunities, we will. The numbers on the right show you the level of activity and the intensity there, the focusing on the right types of clients and then the right types of contacts within there.

[John Ions, CEO at Liontrust Asset Management PLC]

Obviously all of the client events that are around there to support that.

[Simon Hildrey, CMO at Liontrust Asset Management PLC]

You talk a lot about international, institutional, John, obviously the vast majority of assets are still in the U.K. retail, wholesale market. What's going on there in terms of improving that?

[John Ions, CEO at Liontrust Asset Management PLC]

I think good engagement in Europe, I think the broadening of the product suite with the Global Income Fund coming from River, having more of the value propositions coming from River will help broaden, if you like, the products we can engage more with clients with. As I said, the U.K. retail marketplace, like the economy, is more mixed in its outlook at the moment. Where you have good, strong investment propositions, there are still areas in which you can, as I say, a lot of the work John is doing and looking at the strength of the products and the positioning. We have an excellent brand. We have excellent distribution in that retail marketplace. I think by broadening our range of products we have, we'll create further opportunities.

[Simon Hildrey, CMO at Liontrust Asset Management PLC]

Great. Vinay, turning to you and financials. Can you talk about CAP, which came in a year ago and how that's worked out?

[Vinay Abrol, CFO at Liontrust Asset Management PLC]

Yeah. I will do. As a recap, we introduced a new capital allocation policy last June. Really, it was as a result of what we saw in FY 2025, so year ending 31st of March 2025, where we paid out GBP 0.72 in dividends, compared to earnings per share of GBP 0.57. Clearly not a sustainable environment under the old policy. We put in place a new capital allocation policy, which covered off, as we normally do, with our cash across dividends, investment in the business and share buybacks. Maybe I'll just talk a little about how we've performed against that new capital allocation policy over the financial year. Come to the end of March 2026, cash was healthy.

[Vinay Abrol, CFO at Liontrust Asset Management PLC]

We had GBP 50 million-GBP 151 million of cash on the balance sheet, and our surplus capital above regulatory requirements was just under GBP 30 million. The business was well capitalized. We declared a dividend of GBP 0.19 for the full year, so a GBP 0.12 final dividend, which is just over 50% of our adjusted diluted earnings. Our earnings were GBP 0.367 per share. We're paying out 52% of our earnings. Again, in line with our new policy and a sustainable dividend. In terms of investment in the business, we look to use cash after we pay the dividend to put organic investment in the business. An example of that, we've invested in reorganizing our fixed income capability to bring that together in one team from two teams. Inorganic opportunities.

[Vinay Abrol, CFO at Liontrust Asset Management PLC]

We announced the River Global acquisition that John talked about earlier. We announced that at the middle of March. Although the consideration is being satisfied with shares, there's a considerable cash spend in reorganizing that business and bringing it onto our target operating model. The final element of our capital allocation policy is share buybacks. If we have excess capital and it makes economic sense to do so, we will buy back shares. In November last year, we announced a share buyback of up to GBP 10 million to be completed by the end of June. Today's the last day. We bought back 3.7 million shares, I think it's about 5.8% of the company over that buyback on that program.

[Simon Hildrey, CMO at Liontrust Asset Management PLC]

Given that share buyback and the dividend being down, can you talk about the financial strength for the business?

[Vinay Abrol, CFO at Liontrust Asset Management PLC]

Yeah. I'll talk about that and maybe just go through the results that shows you how the business has performed and how it rises in profits, which is how popular they are. Our revenues in the year got GBP 123 million. Down a bit from previous year and a little bit below where the market was expecting revenues to be with a revenue margin 0.55% above where you and that we managed. Our admin expenses were down 16%. Staff costs down, overall staff costs down 20% and other admin costs down 9%. A very credible performance in terms of cost management. Really we see the benefit of the cost efficiencies that we've announced in November 2024, January 2025, and November 2025. Those cost efficiencies have been coming through.

[Vinay Abrol, CFO at Liontrust Asset Management PLC]

A good example of that is we've seen our headcount reduce from 210 people in November 2024 when we first announced the cost efficiencies to a headcount pre the River Global acquisition or completion of 170. We've managed our headcount and our costs. That's given us an adjusted profit of GBP 30.5 million, which is in line with what the market was expecting. Again, down from last year on lower AuMA, but very much in line with what the market was expecting with an adjusted operating margin of 24%. Which when you compare to our peer groups is a very credible performance in terms of operating margin, which is effectively each GBP that we earn in revenues drops down to the bottom line. That has led to a strong balance sheet.

[Vinay Abrol, CFO at Liontrust Asset Management PLC]

Simon's question about strengthening the business. I've already mentioned we have GBP 51 million of cash on the balance sheet, and we have just under GBP 30 million of surplus capital on the balance sheet in terms of regulatory requirements. The business is in strong shape and the capital allocation policy ensures that we have a distribution capital allocation policy that will stand the test of time and is sustainable.

[Simon Hildrey, CMO at Liontrust Asset Management PLC]

Thank you. John, do you want to finish off the presentation by talking, given everything that we've said this morning, what gives you confidence going forward?

[John Ions, CEO at Liontrust Asset Management PLC]

Liontrust has continued to take the right strategic decisions in a difficult marketplace. The growth is going to come from diversification, be it geography-wise in terms of distribution and client type of institutional and retail, and product growth with the recent River acquisition. The platform now covers value, growth, quality and momentum investing. We have a much broader suite of products to suit clients' requirements and need. That sort of materially diversifies as sources of performance, and client solutions. John touched earlier on the multi-asset side, that we've changed the risk profiling of those flows three years ago. That has led to real improvement in performance and that business has gone from being outflows into small inflows now.

[John Ions, CEO at Liontrust Asset Management PLC]

It's about focusing on what we've got, looking to the opportunities to broaden and diversify that investment capability, and then exploit those opportunities, and the expansion of the client base. It's improving the mix of flows, and you can see that has significantly reduced there. It's not a precise inflection point, but the underlying business has got improving drivers. The pipeline is expanding. There's broader engagement across and more diversified client interests. I think also with the recent River acquisition, clients, consultants are now seeing M&A not as a disruptive influence on a business, but a way of getting things done, a way of moving to what do you need, how can you move forward?

[John Ions, CEO at Liontrust Asset Management PLC]

The industry is still highly fragmented, with different capabilities, but it's distribution that you need, breadth, strength, scale. The investments we've made in the operating platform of the business, from outsourcing trading, to implementing Aladdin, to middle and front office, with Bank of New York, to the adoption of their Data Vault for analysis going forward. We've got a very strong platform in place. We combine that with excellence in the brand and the distribution. This broadening out of our investment capabilities makes me more confident that, going forward, we can continue to improve the flow profile.

[Simon Hildrey, CMO at Liontrust Asset Management PLC]

Great. Thank you. We have some questions that have come in. Obviously, a reminder to everyone, if you do want to ask a question, just please submit it and we will try and answer them. First question, just picking up on flows. This is a question I think you must get asked a lot. When will we actually get back to positive inflows?

[John Ions, CEO at Liontrust Asset Management PLC]

I think it's a question of looking at the underlying drivers. If you think about a year or two years ago, our outflows were made up a lot of the U.K. book in the small mid-cap space. That business has gone from GBP 1 billion to around GBP 2.5 billion now. By definition, the flows have slowed down on that side of the business. If I look also at the opportunity set, the fact that I mentioned earlier, we have a couple of institutional inquiries in that small cap space. There's no denying, you can see it from some of the M&A activity going on in the private equity world, or looking to take out some of the small cap business. There's no denying that the value sits there.

[John Ions, CEO at Liontrust Asset Management PLC]

The problem is the market is very thin and we have the lowest historic weightings. Global international funds have a bigger weighting in the U.K. now than we have in our own domestic market. I think one side there, sustainable is still challenged despite the win with the institutional mandate. The quality of the franchise is there, but that is a long-term trend and theme and no denying that that continues to increase in importance. What we've seen with this heavy concentration in markets is when investors have put products together before, you put a value manager with a growth manager, and it's a bit like a rolling ball. At any one point in a market cycle, you've got that insurance.

[John Ions, CEO at Liontrust Asset Management PLC]

Over the last two years, the delta has been so big between those styles that clients have moved away from that because if you're not in the right place, the detraction to the portfolio is severely punishing. I think if we go back to what John was saying, where we start to get the risk now is that concentration. We are beginning to see clients and people are looking to active managers who can add both alpha in areas where you have got these deep discounts on price. I think the environment's getting better. I think the institutional marketplace has certainly identified that and is looking to search for managers going forward. I think the retail side will take time to catch up because it flows.

[John Ions, CEO at Liontrust Asset Management PLC]

It's interesting, if you look at the data now, we've had three years of a value market, and if you look at the top-performing funds that are bought by retail investors, they're all in that value space. It's to show that what do they do? They follow the numbers. For us, it's about the strength of our marketing, it's about the strength of our distribution and targeting the client base to get that message out to those clients where we put the value. I think that connectivity works in place. I think the outlook is improving, but as I said earlier, it's not an inflection point. I just think we've got a better mix and a broader suite of both product and client type to help improve that picture and to continue to drive growth.

[Simon Hildrey, CMO at Liontrust Asset Management PLC]

Vinay, we've had a question really about alignment. It's about remuneration for directors, given the cut in dividend and the outflows. Can you talk about that?

[Vinay Abrol, CFO at Liontrust Asset Management PLC]

I think we have much stronger alignment between the executive directors and shareholders. Both John and I hold, I think it's about 1.7% of the company in shares. We're aligned in terms of share ownership. In terms of remuneration and variable remuneration, obviously the dividend is down just over 70% to bring it more in line with our earnings, and the variable remuneration for the executive directors is down 100%. I think there has been strong alignment there.

[Simon Hildrey, CMO at Liontrust Asset Management PLC]

We've got a question, obviously partly in light of River Global, are we looking at further M&A opportunities and what do you see as the opportunities and how do you get the economies to get all the synergies out of that?

[John Ions, CEO at Liontrust Asset Management PLC]

I think M&A has always been part of DNA inside of Liontrust, because first and foremost, this is the organic growth, the things that management team can affect on a daily basis happen inside of our business. That's got to be our priority. John was talking about what we're doing on the front end side, and you've seen what we've done with the brand and distribution. Where we've used M&A before, it's if we like to fast-forward or provide solution for us, either in sort of manufacturing investment talent or broadening of distribution groups. If you look at the backdrop and the background of the last three years, it's been a very challenging environment for active managers specifically. That in itself throws up opportunities.

[John Ions, CEO at Liontrust Asset Management PLC]

It's very difficult to grow your business if you haven't got a strong financial position. Over the last three years, we've continued to be able to invest in the operating platform to put a landing to our wholesale trading. We've continued to be able to invest in the customer department and broaden the distribution routes and marketing. If you're having to cut your costs to come back to level, it's very difficult to keep that engagement with clients that move forward. River was a classic example of that. Good, strong underlying performance, but starved of the oxygen of brand and distribution. From point of view, I think opportunities are there. I think scale does become more important now.

[John Ions, CEO at Liontrust Asset Management PLC]

I think the speed at which we've been able to integrate River and to bring forward that integration shows you the strength of our underlying platform and the operating efficiencies we can make of it. As I said, in the past, M&A looked at a bit of a block. Consultants and clients now are very much looking at it as part of that strategic direction and path. How does it get you to the right place with the solution? The key, though, is always to make those decisions and to know to do it from day one and not to get caught in that sort of quagmire of indecision. To have a clear vision and a clear outlook for the business and to be brave enough to make those decisions going forward.

[Simon Hildrey, CMO at Liontrust Asset Management PLC]

We've got a question that could be answered by either of the Johns here. It's really about how do you track money flows into active rather than trackers, the passives. Maybe John Husselbee.

[John Husselbee, Head of Multi-Asset at Liontrust Asset Management PLC]

Yeah. As I said, my role as head of multi-asset and selecting funds, it's one of the sort of key roles or data that we look at on a regular basis. That data is available. You can see of course, not only what asset class the flows are, you can start breaking it down into the sectors and into the funds, you can break between active and passive. You can see those flows, and it's important to see basically where the money has come from, where the money is coming today, but also to try and make a call on perhaps where the flow is going. John said earlier on, in this industry, it never ceases to amaze me that basically how eventually, the flows track the winners. It does take time. Value has been outperforming.

[John Husselbee, Head of Multi-Asset at Liontrust Asset Management PLC]

You can see an inflection point in value in most markets bar the U.S. Obviously, the U.S. market hasn't quite got the message yet. In most markets around the world, value's been outperforming for two to three years. It's only now, particularly year to date, the numbers are quite strong year to date, where you're starting to see the flows into value.

[Simon Hildrey, CMO at Liontrust Asset Management PLC]

Okay. Thank you. Thank you for all the questions. John, you've obviously covered a lot of ground, do you want to do a short concluding remarks?

[John Ions, CEO at Liontrust Asset Management PLC]

I think it's not on its inflection point, a lot of the strategic sort of implementation that's taken place over the last year, we're beginning to see it now coming through in that flow. The underlying drivers of the business are improving. We have a broader pipeline, that pipeline continues to grow. We've got broader engagement across the client base, not just the U.K. retail, internationally as well. We're beginning to see more of a broader client interest in the types of products. There's an underlying improvement in the performance. The addition of the River funds gives us a broader suite to move forward to. I think still navigating through a difficult environment, with a much stronger underlying business to achieve success.

[Simon Hildrey, CMO at Liontrust Asset Management PLC]

Thank you. Thank you to everyone watching. That concludes the Liontrust presentation.

[Operator]

That's great. Thank you for updating investors today. Can I please ask investors not to close the session, as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This may take a few moments to complete and I'm sure will be greatly valued by the company. On behalf of the management team, we'd like to thank you for attending today's presentation and good morning to you all.

Participants

Executives

• John Husselbee, Head of Multi-Asset
• John Ions, CEO
• Simon Hildrey, CMO
• Vinay Abrol, CFO