Liontrust fund manager stars Lang, Pattisson quit

By Laurence Fletcher

LONDON (Reuters) - Shares in Liontrust Asset Management (LIO.L) slumped by a third on Tuesday after star fund managers Jeremy Lang and William Pattisson resigned over "strategic differences" and the firm ended offer talks.

Liontrust said Lang and Pattisson, high-profile managers who are directors of the company and who manage most of its assets, would remain at the group until January 11, 2010 "to ensure an orderly handover of their functions and responsibilities."

The firm, which last year received an approach from an unnamed party and has since been in discussions with various suitors, said in a separate statement that it had ended all talks.

Liontrust shares closed 33.3 percent lower at 81.5 pence.

A source close to the company said there had been "strategic differences" between the two managers and the firm, but said their decision to leave was not specifically related to the offer talks.

The source also said the talks had not been about a management buyout.

In the year to March 2008, Lang -- known for the "Lang approach" to investing which focuses on stocks with positive earnings surprises -- and Pattisson each earned 3.8 million pounds.

In the three years to the end of December, Lang's 350 million pound Liontrust First Growth fund fell 9.7 percent, beating an average 19.2 percent drop among peer funds and a 13.8 percent fall in the FTSE All Share .FTAS index.