Ex-Liontrust fund managers launch new firm

LONDON Mon Mar 8, 2010 2:23pm GMT

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LONDON (Reuters) - Top-rated fund managers Jeremy Lang and William Pattisson are returning to the industry after their departure from Liontrust last year with the launch of a new boutique asset management firm.

According to regulatory filings, the pair have launched Ardevora Asset Management, which was set up in January and is based in Hampshire, southern England.

Lang -- known for his "Lang approach" to investing -- and Pattisson ran most of the money invested with Liontrust but quit the firm unexpectedly in January last year.

The move saw Liontrust's share price slump by a third on the day the news was announced and was blamed both for a 25 percent drop in 2008-2009 pretax profit and for ending the firm's talks with prospective merger partners.

Liontrust (LIO.L), which saw net outflows of 131 million pounds in the fourth quarter and now runs 1.18 billion pounds in assets, has since hired new managers and is launching new funds to attract assets, reverse outflows and limit the so-called "key man risk".

Lang and Pattisson could not immediately be reached for comment.

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(Reporting by Laurence Fletcher; Editing by Greg Mahlich)