Liontrust, the UK-listed investment manager, increased its funds under management by 45% in the year to March, despite a 32% fall in the FTSE All-Share index.

The rise in funds resulted from its acquisition of £1.1bn (€1.54bn) of institutional business, plus £300m of net retail fund sales. Since March Liontrust has lifted its funds further, to £3.3bn with an additional £260m in transition.