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Investec star buys £5 million Liontrust stake
by Dylan Lobo on Sep 09, 2013 at 11:14
Rodrigs (pictured), who runs the Investec UK Smaller Companies and UK Alpha funds, has acquired 2.3 million shares in the boutique, headed by John Ions, representing a 5.76% position. Based on Liontrust's opening price of 225p, the stake is worth £5.175 million.
Rodrigs bought the interest from Walker Crips Group, which netted £6.6 million after putting 3,030,000 million shares on the market, which it received after selling its asset management business to Liontrust in 2012.
The majority of the remaining shares disposed of by Walker Crips have been absorbed by Liontrust.
The purchase follows a trading update from Liontrust at the start of July, in which it reported a £302 million inflow in the second quarter to lift assets under management to £3.3 billion.
The transaction is an endorsement of Liontrust from one of the UK's top small cap managers.
According to Lipper, the UK Smaller Companies fund has returned 83.5% over the three years to 6 September versus a 61.1% rise in the benchmark. It's a maximum drawdown of 12.4% is the best in the sector.
He lost his Citywire rating in July have enjoyed an unbroken stretch dating back to 2009, which included 20 consecutive months of being AAA-rated.
At 10.50am shares in Liontrust were unmoved at 225p.
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