(Reuters) -British asset manager Liontrust reported a lower annual profit on Wednesday, pressured by increased outflows due to weak investor sentiment amid uncertain macroeconomic conditions.
Volatile stock markets amid raging inflation and fears of a potential recession weighed on investor sentiment, hurting the performance of fund managers.
Liontrust’s results also came a month after the company agreed to buy GAM Holding AG in a deal that valued the Swiss asset manager at 107 million francs ($119.03 million) but that has faced investor backlash.
The London-listed company said its adjusted profit before tax for the year ended March 31 stood at 87.1 million pounds ($111.39 million), compared with 96.6 million pounds a year ago.
Net outflows stood at 4.8 billion pounds for the year.
Meanwhile, assets under management and advice (AuMA) were at 31.4 billion pounds, down 6% from the previous year.
As of June 16, AuMA stood at 30.5 billion pounds.
($1 = 0.7819 pounds)
($1 = 0.8989 Swiss francs)
(Reporting by Eva Mathews in Bengaluru; Editing by Subhranshu Sahu)
