Liontrust replaces Lang and Pattisson as duo to depart next month

Liontrust Asset Management has appointed in-house managers to replace duo Jeremy Lang and William Pa...

Liontrust Asset Management has appointed in-house managers to replace duo Jeremy Lang and William Pattisson, who will leave the company next month, about nine months ahead of schedule.

From tomorrow, Gary West and James Inglis-Jones will take over the management of the Liontrust First Income and the Liontrust First Large Cap funds.

On the same day, Anthony Cross and Julian Fosh will take over the management of the Liontrust First Growth fund.

Lang and Pattisson's resignation announcement in January led to considerable outflows at the firm, with net redemptions in Liontrust's unit trusts and offshore funds totalling £223m from 1 January 2009 to 23 March 2009, while institutional investors stripped £979m. A further £50m of net outflows are in transition.

On 23 March, Liontrust's funds under management stood at £1.9bn.

Liontrust has agreed to acquire the 28,500 B Ordinary Shares each held by Lang and Pattisson in Liontrust European Investment Services Limited, paying the duo £271,351 each.

Hargreaves Lansdown investment manager Ben Yearsley says he is not convinced the moves will stem the substantial flow of redemptions.

"Inglis-Jones and West are highly-regarded managers, as is Cross," he says. "But I am just not sure that will stop more money walking out the door."

Meanwhile, Liontrust has recruited the European fixed income team from London-based Ilex Asset Management.

Liontrust says it intends to launch a number of collective investment vehicles using the team's investment process - including further alternative investment funds, authorised unit trusts and offshore funds.

In addition, Liontrust will offer the fixed income investment process to the institutional market via segregated accounts and pooled institutional funds.

More to follow...