Liontrust Asset Management has announced its 4Q26 trading update with AuM down 9% qoq to £19.6bn (-7% vs. CAVe), while recovering to £20.8bn as at 20 April, showing a modest 3% decline since the previous quarter and only c.2% lighter vs. our expectations. This was driven by negative net new business of £0.8bn (19% heavier than CAVe) and negative investment returns of £1.1bn (weaker than CAVe). We reflect the Group’s AuM update in our numbers and see only minor changes for FY26E, we reduce our ou ....
