Deutsche Bank keeps Liontrust Asset Management at 'sell', lists negatives

In their opinion, the shares were trading above what could be justified by current fundamentals.

Among other things, they estimated that its assets under management were running about 2% below the level seen in March.

Furthermore, Liontrust had registered about £0.8bn of net outflows thus far in the current quarter, they said.

Other negatives in their opinion included a low industry growth outlook, a strategy that was not obvious and the absence of any catalyst that might return the group to net inflows, a risk to its guidance for operating margins and growing risk to its dividend in future years.