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Liontrust completes acquisition of Walker Crips Asset Managers

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Liontrust Asset Management Plc (Liontrust) has completed the acquisition of the entire issued share capital of Walker Crips Asset Managers Limited (WCAM).

Fund managers Stephen Bailey, Jan Luthman and Jamie Clark have today moved into Liontrust’s offices and will continue to manage the CF Walker Crips UK Growth Fund, CF Walker Crips Equity Income Fund, CF Walker Crips UK High Alpha Fund, CF UK Fund and two institutional segregated accounts. The WCAM name will disappear in the future and the four funds will take on the Liontrust branding. The WCAM sales men Paul Hyde and William Smith have joined Liontrust’s UK sales team.

The acquisition broadens the fund management capability at Liontrust, increases Liontrust’s assets under management to more than GBP2.1 billion and gives the company one of the strongest ranges of UK equity funds and teams.

The acquisition will cause little, if any, disruption for investors. The WCAM and Liontrust UK equity income and UK growth funds will operate side by side, preserving the different investment processes and styles which characterise each of them.

Liontrust UK Growth Fund is managed using the Liontrust Economic Advantage investment process. The fund only invests in UK companies with distinctive, intangible strengths that competitors struggle to reproduce. In a world of relentless global competition, it is these strengths that enable some companies to grow their market share, protect prices and margins, and thus drive sustained profitability.

Liontrust Income Fund is managed using the Liontrust Cashflow Solution process. The fund only buys high-yielding stocks with unusually strong cash flows where investors have low profit expectations. Strong company cash flows (after investment spending) are a good indicator of strong growth in future reported profits.

At the core of the investment philosophy of Stephen Bailey and Jan Luthman lies their belief that macro thematic analysis – the identification and interpretation of major economic, political and social developments affecting the UK and the rest of the world – offers considerably greater scope to add long-term investment value than does stock specific analysis. Identifying such themes, and assessing their implications for investment markets and individual industries, provides the framework for the construction of their portfolios.

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