This year's headlines over the spectacular implosion of New Star distracted from the woes experienced by asset management groups elsewhere. And perhaps the group that has had the toughest time is Liontrust.

Its two best known managers, Jeremy Lang and William Pattisson, who ran more than 80% of the company's then pound 3.5 billion under management, departed in January.

What followed was a case study in the idea that money follows managers, not firms. The day that Lang and Pattisson quit, shares in Liontrust dived 30%. Protracted talks about a merger with another group came to a shuddering halt.

In Liontrust's last trading update, on September 23, it reported outflows of pound 924m for the first half to September. The best gloss it could put on the figures is that pound 900m or so of the outflow was previously reported for the three months to June.

The outflow was all the more surprising given the fact that neither the First Growth nor First Income fund had delivered particularly competitive returns in the period running up to the announcement.

Liontrust's shares languish at about 115p compared with the 400p levels it enjoyed back in 2007. In June Schroder's Andy Brough upped his stake in the company to nearly 30% via his investment funds, buying a 15% chunk from Fidelity. Brough thought them cheap, Fidelity thought them expensive. Both know an awful lot about fund management. Time will tell.

In this environment Liontrust has not been keen to throw itself into the arms of the press. But it has started to venture out, with Gary West leading the way.

West has managed Liontrust's Continental Europe fund since 2006 with James Inglis-Jones. Although it did not sparkle much in 2008, it has had an impressive 2009. It is up 21% over the past year, compared with the sector average of 16%.

In March, the duo took over the management of First Income, now about pound 400m in size. The early indications are mixed. It is third quartile over a year, but that is an improvement on the three- year record - which one must attribute to Lang and Pattisson - which is firmly fourth quartile.

The latest missive from Liontrust to fund advisers is virtually begging them to hold on and see how West and Inglis-Jones perform. In big bold capitals, it says: "We would like to thank you if you have retained an interest in the fund...