Liontrust revamps with newly recruited team

Liontrust has revealed plans for a raft of product launches after hiring five fixed income managers from Ilex Asset Management.

The group will roll the investment process of Simon Thorp and his team into the form of long-only unit trusts, offshore and segregated funds. A ­sterling bond fund is likely to feature, says Nigel Legge, Liontrust’s managing director, because the team has expertise in this area.

Liontrust has also bought the £1m Ilex Credit fund and will repackage it as a Ucits III fund for the retail market.
The funds run by departing managers Jeremy Lang and William Pattisson will be redistributed in-house.

Gary West and James Inglis-Jones, who run European equity funds for the group, will take over First Income and First Large Cap. Legge says their process will not be dramatically different from Lang’s because they already research British stocks, which form 30% of the Pan-European fund.

“You can’t have a manager pick up someone else’s process and apply it to a fund. This is the evolution of a process,” he adds.

Anthony Cross and Julian Fosh will run First Growth and the £1m Focus 350 fund will close.

Lang and Pattisson, between them, ran £1.15 billion of the group’s £1.9 billion of assets.

Ben Fitchew, an analyst who worked closely with Lang, will become a portfolio manager and the group is creating a global equity offering for him to run.

Old Broad Street Research has removed the AA ratings from all three funds following the announcement.