Berenberg drops target price on Liontrust Asset Management

Berenberg stated that Liontrust's full-year results had come in ahead of consensus expectations, with the company generating a higher-than-expected level of performance fees.

However, the German bank did note that the business did see its client asset base decrease, with continued net outflows in Q4.

"Although the market environment continues to remain uncertain, Liontrust's multi-team model and exposure to sustainable funds position it well for the longer term, in our view," said Berenberg, which stood by its 'hold' rating on the stock.

Reporting by Iain Gilbert at Sharecast.com