Liontrust co-founder Legge steps down

Liontrust's woes continue as CEO and co-founder Nigel Legge has stepped down to be replaced by new head of retail John Ions.

His departure comes as Liontrust is still struggling to recover from the loss of star managers Jeremy Lang and William Pattisson in January 2009. It suffered outflows of £53m in the first quarter. Legge is the public face of Liontrust, which he founded in 1994 and led to flotation in 1999. He will remain as a consultant to the firm until 6 August but will be replaced as CEO by Ions, who joined from Tactica in February. Non-executive chairman Adrian Collins will become executive chairman while Vinay Abrol continues as chief operating officer and chief financial officer. Collins s...