John Ions, the chief executive of Liontrust Asset Management, is disarmingly honest about the challenges that he faced when he arrived two years ago.

Assets under management (AUM) had suffered from what he calls a “cataclysmic fall” from £5.5 billion in 2007 to close to £1.1 billion by 2010 as the credit crunch and a staff exodus took a devastating toll. What’s more, being a listed company meant the share price tumbled from above 400p to below 100p, which did little for internal morale or client confidence.

“It was a business that was a bit shell-shocked,” recalled Mr Ions, who...