Annual profits at Liontrust Asset Management rose 40% for the year to the end of March, despite a dip in assets under management at the UK funds house, which last week said it had received a takeover approach from an unnamed suitor.

Liontrust's profits before tax increased by 40% to £16.5m (€20.7m) at the end of March, up from £11.8m at the same time last year. The rise came as performance fee income jumped by almost five times from £2.9m to £14.8m, according to the results published today.