A £13.7m performance fee has been crystallised in an Institutional mandate. Institutional AuM is a small component of total AuM (<5%). We update our FY21e forecasts by the quantum of the performance fee which drives a 14% EPS upgrade, in light of the “at least £63m adj. PBT” guidance in the statement. We make no changes to outer years given the relative unpredictability of performance fees. A pleasant surprise, though the investment case remains unchanged: driving AuM growth in intermediary chan ....
20 May 2021
A nice surprise from performance fees
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
A nice surprise from performance fees
Liontrust Asset Management PLC (LIO:LON) | 676 0 0.0% | Mkt Cap: 438.6m
- Published:
20 May 2021 -
Author:
Andrew Watson | James Bayliss -
Pages:
3
A £13.7m performance fee has been crystallised in an Institutional mandate. Institutional AuM is a small component of total AuM (<5%). We update our FY21e forecasts by the quantum of the performance fee which drives a 14% EPS upgrade, in light of the “at least £63m adj. PBT” guidance in the statement. We make no changes to outer years given the relative unpredictability of performance fees. A pleasant surprise, though the investment case remains unchanged: driving AuM growth in intermediary chan ....