The Morning Briefing: Liontrust reports profit dip; CII sets out vision for vulnerability

Published 2 weeks ago• 5 minute read

Liontrust Asset Management says it is “well placed to take advantage of a new environment” for active managers, despite reporting a decline in profits and assets under management for the year ending 31 March 2025.

The group posted an adjusted profit before tax of £48.3m, down from £67.4m the previous year.

Gross profit also fell to £157.7m from £186.1m, reflecting a drop in performance fee revenue to £3.6m, compared with £10.4m in 2024.

The Chartered Insurance Institute (CII) has outlined a vision for transforming how vulnerability data is shared across the insurance and personal finance distribution chain to meet the Financial Conduct Authority’s (FCA) requirements.

In a new report summarising a recent roundtable held in May, ‘Unlocking outcomes: data sharing across the distribution chain’, the professional body calls for a shift from compliance-focused approaches to outcome-driven data sharing.

One of my insecurities when I became a financial adviser was around my ability to engage with clients, writes Dan Wiltshire, an independent financial planner at Wiltshire Wealth.

My natural introversion had been incubated during many years spent working in actuarial departments. I had no sales or relationship management experience, and my people skills were average, at best.

This felt problematic when entering a profession so outwardly self-confident — a world of super-polished LinkedIn profiles, networking events and slicked-back alpha dog energy.

Asset managers are operating in a new reality. One defined not only by ever-present compliance requirements but also by the speed and scale of technological transformation

– Liam Healy, CEO at FE fundinfo, on findings that technology and competition overtake regulatory changes as top concerns for asset managers

According to Henley & Partners’ annual Wealth Migration Report, the UK will lose a significant number of millionaires over the course of this year.

The total number of millionaires expected to be lost by the UK in 2025

This is more than double the 7,800 forecast to quit second-placed China, which until this year had topped report’s exit leader board for ten straight years.

The finding is a jump from last year’s study produced by the specialist advisory firm, which forecast the UK would lose 9,500 dollar millionaires in 2024.

The United Arab Emirates is predicted to gain the most high-net-worth individuals (HNWIs) this year – luring in an additional 9,800 overall.

The United States is expected to gain 7,500.

Italy, meanwhile, is expected to gain 3,600.

Source: Henley & Partners

The Financial Conduct Authority (FCA) has launched a consultation on the future of mortgage regulation, exploring how rules could be adapted to improve access to sustainable home ownership.

Proposals under consideration include updating responsible lending requirements, increasing flexibility for borrowers and supporting the growing demand for later life lending.

The FCA is also examining how to balance risk appetite across the market and encourage innovation.

David Geale, executive director for payments and digital finance, said the regulator wants to make it easier for people to get on the housing ladder and manage mortgages into retirement, without compromising protections.

The FCA notes the mortgage market has evolved significantly, with more first-time buyers borrowing over 30 years and into later life.

While any changes would form just one part of the housing landscape, the FCA said it will work with other stakeholders to improve access.

Feedback closes on 19 September.

Hoxton Wealth has secured regulatory approval from the Dubai Financial Services Authority (DFSA) to operate within the Dubai International Financial Centre (DIFC), a major milestone in its expansion strategy across the Middle East.

The DFSA’s authorisation allows Hoxton to operate under the region’s leading financial regulatory regime, providing access to a broader client base and a wider network of service providers.

The business plans to recruit and expand its adviser base from within the DIFC, focusing on experienced, qualified professionals.

DIFC is home to over 7,000 companies, including global banks, asset managers and brokers.

In 2024, the combined revenues of DIFC-based firms reached AED 1.78 billion (£380m).

Hoxton Wealth chief executive Chris Ball said joining DIFC aligns with the company’s values and growth plans.

“This is a powerful and influential centre, designed for growth. We are excited to explore the opportunities this licence brings.”

EU warns a baseline Trump tariff would still spur retaliation (Bloomberg)

At NATO, Starmer pledges increase in defence spending to 5% (Reuters)

Oil prices tumble after Israel agrees to Iran ceasefire (BBC News)

Did You See?

Just over two months ago, we all watched as the US tariff announcement sparked volatility in the global stock market, writes Brian Byrnes, head of personal finance at Moneybox.

Across the industry, providers and advisers got a front-row seat to consumers reacting to uncertainty.

A timely reminder, after a couple of relatively calm years, that volatility can hit investment markets and, therefore, consumer confidence can be shaken quickly.

This recent market volatility adds urgency to an already critical conversation that is happening about how best to reform the ISsa regime, boost financial resilience and also support and encourage more people to invest for the long term- with confidence.

In January 2024, well ahead of the General Election, Labour confirmed its intention to “simplify the Individual Savings Account (ISA) landscape and encourage more retail ownership of British businesses.”

Since then, speculation around Isa reform has only intensified – particularly in the run-up to the Spring Statement, when a coordinated campaign from investment providers called for the cash Isa limit to be cut to £4,000. Now, finally, a consultation has been confirmed and is expected to launch in early summer.

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