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Liontrust announces successors to Jeremy Lang and William Pattisson

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Liontrust Asset Management has announced that Gary West, James Inglis-Jones, Anthony Cross and Julian Fosh are to take over the management of three funds currently run by Jeremy Lang an

Liontrust Asset Management has announced that Gary West, James Inglis-Jones, Anthony Cross and Julian Fosh are to take over the management of three funds currently run by Jeremy Lang and William Pattisson.

Lang and Pattisson will leave the company on 15 April 2009.

West (pictured) and Inglis-Jones are to manage the Liontrust First Income and Liontrust First Large Cap Funds, and Cross and Fosh are to manage the Liontrust First Growth Fund from 25 March 2009.

The four fund managers were originally recruited to Liontrust by Lang and Pattisson and they have both endorsed the new appointments. All four fund managers have strong long-term performance records. 

For the Liontrust First Income Fund, West and Inglis-Jones will use the Cashflow Solution – UK Income Dynamic investment process. The Cashflow Solution will be applied to select stocks from the three baskets already used by the Liontrust First Income Fund. 

The objectives of the Liontrust First Income Fund will remain the same. The fund aims to: produce a total return (income and capital growth) better than the UK equity market; provide an income stream that grows faster than inflation; and provide an annual income level (yield) higher than UK index-linked gilts.

Cross and Fosh, who manage the Liontrust Intellectual Capital Trust and the Liontrust First Opportunities Fund, will use the Economic Advantage investment process to manage the Liontrust First Growth Fund.

Economic Advantage is the collection of distinctive characteristics of a company that competitors struggle to reproduce, even if those competitors have understood the benefits arising from those characteristics. The managers identify those few companies with a durable economic advantage that allows them to sustain a higher than average level of profitability for longer than expected. This surprises the market and leads to strong share price appreciation.

‘We are delighted that Anthony, Julian, Gary and James are taking over the management of the three funds,’ says Nigel Legge, chief executive of Liontrust.

‘They have consistently delivered exceptional performance both at Liontrust and earlier in their careers. They are to implement documented and robust investment processes that are an evolution of those currently used by Jeremy and William to provide continuity for existing unit holders. The Cashflow Solution and Economic Advantage investment processes seek to identify companies that will surprise the market through earnings and profits growth before they start surprising.’

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