Liontrust’s Q1 FY2026: Outflows Ease, AuMA Rebounds in April, River Global Deal Progresses
Liontrust Asset Management has posted a steadier first quarter to 31 March 2026. Net outflows slowed to £0.8 billion, assets under management and advice (AuMA) ended the Period at £19.6 billion, and two chunky institutional mandates – over £500 million in aggregate – are expected to fund before the end of May. Shareholders in River Global PLC have also approved the sale of River Global Holdings Limited (RGH) to Liontrust, adding a potential new growth leg once completed.
Here’s what stood out to me, why it matters, and what to watch next.
Headline numbers retail investors should care about
| Metric | Figure |
|---|---|
| Period covered | Three months to 31 March 2026 |
| Net flows | £(836) million (2025: £(1,284) million) |
| Closing AuMA (31 March 2026) | £19,554 million |
| AuMA as at 20 April 2026 | £20,753 million |
| Expected funding from new institutional mandates | Over £500 million before end-May 2026 |
| RGH AuMA (31 March 2026) | £2,600 million (per River Global PLC, with noted exclusions) |
Definitions: AuMA is assets under management and advice. Net flows are client money in less money out. Quartile rankings compare a fund’s performance to peers – 1st is top, 4th is bottom.
Flows: still negative, but improving trend and a tilt toward institutions
Net outflows of £836 million were meaningfully better than the £1,284 million seen in the comparable quarter last year. Institutional channels edged positive at £+83 million, while UK retail funds and model portfolio services (MPS) saw £(838) million of net outflows. Investment trusts slipped £(35) million and international funds were £(40) million. Alternatives were a small £(6) million drag and included the transfer of £60 million of Diversified Real Assets AuMA to Foresight at the end of January.
The other big swing factor was markets. Market and investment performance reduced AuMA by £1,067 million over the Period. That’s a reminder that even with stabilising flows, short-term market moves can mask underlying business momentum in a quarter.
AuMA mix: where Liontrust’s assets sit today
At 31 March 2026, the book was diversified across several processes:
- Sustainable Investment (equities & managed funds): £5,309 million
- Cashflow Solution: £4,086 million
- Multi-Asset: £3,550 million
- Economic Advantage: £2,219 million
- Global Fundamental: £1,602 million (includes £1,059 million in investment trusts)
- Global Equities: £1,027 million
- Fixed Income: £988 million
- Global Innovation: £773 million
Notably, AuMA ticked up to £20.8 billion by 20 April 2026, helped by markets and early Q2 flows. Add the expected funding of over £500 million of new institutional mandates before end-May and there is scope for further near-term AuMA uplift. If and when the RGH acquisition completes, RGH’s £2.6 billion of AuMA (as defined by River Global PLC, excluding EOT-related AuMA and certain terminating or closing mandates) would broaden the mix further. A simple, illustrative pro forma of current AuMA (£20.8 billion) plus at least £0.5 billion of mandates and £2.6 billion from RGH would point to £23.9 billion or more. Timing and final amounts will depend on funding and completion.
Institutional momentum and international reach
Management highlights growing investor diversification away from US equities and rising demand for active management, with strong performance across European strategies acting as a draw. The two newly won institutional mandates (over £500 million combined) underline that message and should be visible in the numbers by the June quarter-end if funded as guided.
The sales footprint is widening too. Liontrust is extending distribution in the Middle East and Asia and continues to make progress in Europe. If this continues, it should reduce reliance on the UK retail channel, where net redemptions remain most acute.
River Global deal: style diversification and a wider client base
On 14 April 2026, River Global PLC shareholders approved the sale of RGH to Liontrust with 99.97% of votes in favour. Management says the acquisition will expand Liontrust’s range of investment styles – including value – and broaden its client base. There has been positive client and shareholder feedback, and Liontrust believes there is demand for RGH funds among its existing clients.
Why this matters: the group’s recent pressure points have been UK retail outflows and a concentration in certain styles. Bringing in value strategies and new clients provides another engine for flows, particularly if European and global strategies keep performing. Remember, completion, final AuMA and synergy benefits are not yet disclosed, and RGH’s £2.6 billion AuMA excludes AuMA related to European Opportunities Trust PLC and certain terminating or closing mandates.
Performance check: bright spots in Europe, global and fixed income
Eight funds sit in the first or second quartile over both 1 and 3 years:
- Fixed Income: SF Monthly Income Bond, SF Corporate Bond, MA Monthly High Income
- Europe: European Dynamic, GF European Smaller Companies
- Global: Global Technology, Balanced, Emerging Markets
Standouts include Liontrust European Dynamic Fund (1st quartile across 1, 3 and 5 years, and since inception) and Liontrust Balanced Fund (1st quartile across all time frames shown). The global technology and emerging markets funds are also 1st quartile over 1 year and 3 years. Against that, a number of UK-focused and sustainable funds remain 3rd or 4th quartile over 1 year, which helps explain continued UK retail outflows.
Positives and pressure points in this update
What I like
- Outflows easing: £(836) million vs £(1,284) million last year is a clear improvement.
- Institutional traction: two mandates of over £500 million combined, expected to fund by end-May.
- April bounce: AuMA up to £20.8 billion by 20 April 2026.
- Pipeline and strategy: international distribution expanding; River Global adds style and client diversification.
- Performance green shoots: European, global and fixed income clusters delivering top-quartile results.
Where caution is warranted
- Still net outflows: UK retail remains the weak spot at £(838) million for the quarter.
- Market drag: £(1,067) million from performance shows earnings sensitivity to markets.
- Mixed fund rankings: several UK and sustainable funds sit in lower quartiles, which could restrain near-term retail inflows.
Key dates and what to watch next
- Funding of new institutional mandates – before end-May 2026. This is a short-term AuMA catalyst.
- Completion of the River Global acquisition – shareholder approval is in, but completion timing and integration details are not disclosed.
- Full-year results – Wednesday, 24 June 2026. Expect fuller colour on flows, margins and the post-deal roadmap.
Josh’s take
This is a cleaner quarter from Liontrust. Flows are heading the right way, institutional demand is building, and April’s AuMA bounce helps sentiment. The River Global deal looks strategically sensible: more styles, more clients, more ways to win. The flip side is that UK retail redemptions and patchy performance in some franchises remain a drag and will take time to turn.
Near term, watch for those mandates to hit AuMA and for any further pick-up in European and global strategies. Medium term, successful integration of RGH and continued progress outside the UK are the levers that could shift Liontrust from stabilisation to organic growth.
