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River and Mercantile assets swell 12% in first half

River and Mercantile assets swell 12% in first half

Assets under management at River and Mercantile have hit £18.1 billion, up by more than a tenth since the start of the year.

The group’s aggregate mandated assets grew by 12% through the six months to the end of June, thanks to positive net flows across all divisions. Of these total assets £17.4 billion are fee-earning, representing an increase of 7% since the end of December 2013.

Advisory fee revenue came in at £2.6 million over the three months to the end of June, with approximately half from fixed fee retainers. 

Performance fees of £1.8 million were recorded over the three month period from Fiduciary Management, while the group noted £2.9 million in additional deferred performance fees, assuming continued outperformance to the end of December. 

 

R&M also noted continued success in raising assets into its retail equity range could decrease average retail margins in the future.

‘The level of net sales and mandates in transition is a positive indication that the business has performed well and continues to be strongly positioned for growth,’ commented chief executive Mike Faulkner in River and Mercantile’s first update as a listed firm.

The company floated in June, with the business valued at £150 million, following the merger between P-Solve and River and Mercantile Asset Management in March.

Since then River and Mercantile’s share price has climbed by 22% from 183p to 224p.

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