Liontrust’s FY23 outturn will be ahead of prior market expectations at “no less than £86m adj. PBT” (vs SCMe £82.8m) on £17m performance fees; +5% vs prior FY23e. AuM declined by 3.6% qoq to £31.4bn on £2.0bn net inflows as challenging sentiment continued, although there were ~£750m across two mandate losses. AuM has ticked up to £31.8bn in April on better performance. We incorporate lower AuM and moderate H1’24 flows which drives a ~10% reduction to u/l FY24e/FY25e EPS, but revise our performan ....
