Liontrust has issued in line interim results. Earnings have grown impressively on strong AuM accumulation and following the ATI acquisition: £12.0m adj. PBT (44% of N+1Se FY18e). AuM has now broken through the £10bn mark in recent days. Liontrust will absorb research costs through the P&L as MiFID II takes effect. This will have a £1.0-1.5m annualised impact. We note that group AuM is ahead of our model forecast and that this may offset this impact if sustained. We leave our forecasts unchanged ....
23 Nov 2017
N+1 Singer - Liontrust Asset Management - Strong earnings growth post-ATI completion, MiFID II impact quantified
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N+1 Singer - Liontrust Asset Management - Strong earnings growth post-ATI completion, MiFID II impact quantified
Liontrust Asset Management PLC (LIO:LON) | 684 -68.5 (-1.4%) | Mkt Cap: 444.5m
- Published:
23 Nov 2017 -
Author:
Andrew Watson -
Pages:
3
Liontrust has issued in line interim results. Earnings have grown impressively on strong AuM accumulation and following the ATI acquisition: £12.0m adj. PBT (44% of N+1Se FY18e). AuM has now broken through the £10bn mark in recent days. Liontrust will absorb research costs through the P&L as MiFID II takes effect. This will have a £1.0-1.5m annualised impact. We note that group AuM is ahead of our model forecast and that this may offset this impact if sustained. We leave our forecasts unchanged ....