Liontrust works in partnership with advisers for the benefit of their clients.

Our Multi-Asset investment proposition and service is designed to enable advisers to provide the highest quality advice and service to their clients. We seek to help advisers achieve their clients’ investment objectives and meet their suitability requirements over the long term. We also help advisers to fulfil their responsibilities under Consumer Duty.

Liontrust achieves these aims through the following distinct partnership and service offering, which we call Actively Different.

Active management

All our Multi-Asset funds and portfolios are actively managed at every stage of the investment process
They are differentiated from peers through our bespoke Strategic Asset Allocation and active approach
This is shown through distinct portfolio allocations, holdings, equity and fixed income weightings
The team invests in funds and passive vehicles from across the whole market

Support for advisers and your clients

Advisers have access to the investment team, regular updates and insights and reporting
We offer a tailored and white label service to advisers and their clients
We deliver market leading literature and educational content for advisers to use with their clients
Liontrust helps advisers to fulfil their responsibilities under Consumer Duty

Suitability

Liontrust supports advisers in meeting their suitability requirements
The broad ranges of funds and portfolios enable clients to invest in those with appropriate risk profiles and return objectives
They provide diversification across asset classes, geographies, fund managers, investment styles, and active and passive vehicles

Value for money

The Multi-Asset team benefits from the knowledge and insights of the six single strategy teams at Liontrust
Costs are kept to a minimum and charges are competitive
We focus on client outcomes and enabling advisers to provide the highest quality advice

Resources for advisers

Liontrust produces a range of reporting and literature for advisers, which can be white labelled or co-branded.

Liontrust Introduction to Multi-Asset Liontrust Multi-Asset Performance Review & Outlook

Resources for advisers' clients

Liontrust also produces a range of client facing literature.

Guide to managing volatility Liontrust Views Liontrust Multi-Asset: Navigating the World of Investment

Latest insights

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Active management

The Multi-Asset process is designed to target the outcome expected by investors in terms of their level of risk, as measured by volatility, and maximise the return for each fund and portfolio within the appropriate risk band.

There are five stages to the Liontrust Multi-Asset investment process:

Bespoke Strategic Asset Allocation (SAA)
Tactical Asset Allocation (TAA)
Strategy selection
Portfolio construction
Monitoring, review and risk management

Every stage of this process is actively managed. For example, while the majority of the underlying vehicles within the Dynamic Passive funds and portfolios are passive, the decision as to which ones to include and in what proportions are still active decisions.

Active enhancements are made where we believe this will benefit the management of the funds and portfolios. We enhanced the SAA in 2023 to ensure we could meet the challenges and opportunities posed by our belief that investing over the next few years will be different from the last 15 years. We are facing an unprecedented political environment, including fragmentation of globalisation, which will impact economics and markets.

The Liontrust Multi-Asset team actively engages with the managers of the underlying holdings within their funds and portfolios.

The Multi-Asset investment beliefs

Consistency of process
Markets are not fully efficient
Long term markets follow fundamentals
Active asset allocation exploits short term mispricing
Patience – time in the market, not timing the market
Better to prepare for markets than react to them
Multiple layers of diversification
Governance, liquidity and risk management

Multi-Asset team and experience

The eight-strong investment team has extensive experience of Multi-Asset, equity and fixed income investing, with an average of more than 21 years in the industry.

Collectively, they have managed funds and portfolios for many decades through different economic and market cycles, and each member contributes to every stage of the investment process. The team was enhanced by the integration of the Liontrust Global Fixed Income (GFI) at the start of 2025 and benefits from being able to tap into the knowledge, insights and experience of the other investment teams at Liontrust, who primarily invest in equities.

The team is headed by John Husselbee, who joined Liontrust in 2013 and was previously a co-founder and CIO of North Investment Partners, Director of Multi-Manager Investments at Henderson Global Investors, and NM Rothschild & Sons.

John Husselbee John Husselbee has 39 years’ experience managing multi-asset, multi-manager funds and portfolios. Before joining Liontrust in 2013, John was co-founder and CIO of North Investment Partners and Director of Multi-Manager Investments at Henderson Global Investors. Read more

James Klempster James Klempster has 20 years’ investment management experience. Before joining Liontrust in 2021, James was Director of Investment Management at Momentum Global Investment Management. He has also worked for Avebury Asset Management and NW Brown Investment Management. Read more

Phil Milburn Phil Milburn joined Liontrust in January 2018 from Kames Capital. Phil previously spent over 20 years at Kames Capital, launching one of the market’s first strategic bond funds and developing a leading high-yield franchise. Read more

Donald Phillips Donald Phillips joined Liontrust in February 2018 from Baillie Gifford. Donald had been co-managing the European high-yield strategy at Baillie Gifford since 2010 and previously worked at Kames Capital from 2005 to 2008. Read more

Anthony Chemla Anthony Chemla is an investment manager and analyst with 18 years’ experience in selecting funds, with the past eight focused on managing multi-manager risk-graded portfolios. Before joining Liontrust in April 2023, Anthony was at atomos (previously Sanlam Investments), where he was lead Portfolio Manager for the DFM portfolios and co-Portfolio Manager of the MPS. Read more

Sharmin Rahman Sharmin joined Liontrust in August 2022 from AXA Investment Managers where she had been a Senior Portfolio Manager and Analyst in the European High Yield team since July 2012. Read more

David Salisbury

Before joining Liontrust in 2022, David was an Investment Manager at 4 Shires Asset management where he looked after private client portfolios. David has an MSc in Finance, the Investment Management Certificate (IMC), the Private Client Investment Advice & Management qualification (PCIAM) and is a CFA Level II candidate. Outside of the office, he enjoys skiing, travelling, and is an avid golfer.

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Funds & portfolios managed by the team

The two ranges of target risk funds (Blended and Dynamic Passive) that are designed to target the outcome expected by investors in terms of their level of risk, as measured by volatility, and maximise the return for each fund within the appropriate risk band while MA Explorer aims to maximise capital growth and/or income over the long term.

Multi-Asset team

MA Blended Fund Range

The Liontrust MA Blended Funds are a range of five target risk fund of funds aimed at those investors who are seeking a mix of active and passive underlying vehicles while taking advantage of active asset allocation and fund selection.

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Multi-Asset team

MA Dynamic Passive Fund Range

The Liontrust Multi-Asset Dynamic Passive range comprises seven target risk funds. While the underlying holdings are passive securities and vehicles, we actively manage the fund range.

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Multi-Asset team

MA Dynamic Passive Prudent Fund

The Fund seeks to achieve capital growth and income with a low level of volatility (risk), having a risk profile of 2 in a range from 1 to 7. The underlying funds will be passive where possible.

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Multi-Asset team

MA Explorer Fund Range

The Liontrust MA Explorer Funds are a range of six funds that aim to maximise capital growth and/or income over the long term.

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Multi-Asset team

MA Monthly High Income Fund

The Fund is an actively managed fund of funds that seeks to generate a monthly income. The underlying funds will primarily (at least 70%) invest in bonds and debt instruments.

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Multi-Asset team

MA UK Equity Fund

The Fund is an actively managed fund of funds that seeks to achieve capital growth. The underlying funds will primarily (at least 70%) invest in shares listed on the UK stock market.

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A broad range of 22 target risk model portfolios designed to meet most investors' risk and return objectives. They are designed for clients of financial advisers and are available on most major platforms.

Multi-Asset team

MPS Blended Growth Portfolios

The Liontrust MPS Blended Growth Portfolios are designed to deliver long-term capital growth.

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Multi-Asset team

MPS Dynamic Passive Portfolios

The Liontrust MPS Dynamic Passive Portfolios are designed to deliver long-term capital growth at a competitive price, predominantly through the use of passive strategies.

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Multi-Asset team

MPS Blended Income Portfolios

The Liontrust MPS Blended Income Portfolios are designed to deliver an attractive and rising level of income in addition to some long-term capital growth.

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The fund managers believe fixed income markets are inefficient and there are myriad ways of adding value to investors’ portfolios. The inefficiencies are caused by many market protagonists who are not price sensitive, ranging from the macroeconomic distortions caused by central banks to the idiosyncratic scenarios when companies need to raise debt finance and price accordingly.

Multi-Asset team

Strategic Bond Fund

The Strategic Bond Fund invests in credit securities and government bonds globally, seeking to take advantage of market inefficiencies through understanding the economic environment, bottom up stock analysis and flexibility over duration, credit, sector and geographical allocations.

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Multi-Asset team

GF Global Short Dated Corporate Bond Fund

The Fund aims to generate a total return over the long term through a combination of income and capital by investing in global corporate and government bonds.

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Multi-Asset team

GF High Yield Bond Fund

The Fund invests in high yield and selected investment grade bond and credit markets, seeking to take advantage of market inefficiencies through understanding the economic environment and detailed bottom up stock analysis.

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Multi-Asset team

GF Strategic Bond Fund

The Fund invests in credit securities and government bonds globally, seeking to take advantage of market inefficiencies through understanding the economic environment, bottom up stock analysis and flexibility over duration, credit, sector and geographical allocations.

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