Liontrust Asset Management, the London-based funds boutique rocked by the departure of two star managers in January, suffered a drop in profits over its latest financial year, which it called "arguably the most difficult" in the company's history.

The company's profits before tax dropped by a quarter to £12.4m (€14.4m) for the 12 months to the end of March, according to a statement issued today. Its assets under management plunged 60% to £1.9bn over the period. Net outflows and market movements each accounted for a decline of about £1.4bn.