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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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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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