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Nimmo's Revera weighs small cap opportunity after swing into profit
by Sarah Miloudi on May 01, 2013 at 08:45
Glen Nimmo's Revera Asset Management has swung into profit for the first time in six years.
The Edinburgh-based boutique posted a 'modest' profit, its directors said, as a review of its last financial year was posted on Companies House.
'2012 was a good period for investment performance in client funds, with all client funds generating investment performance well ahead of benchmarks over the course of the year,' they said.
Nimmo told Wealth Manager the shift into the black was the culmination of three years' hard work, adding the firm was now weighing opportunities in the UK smaller companies space as well as focusing on growing assets in its £32 million S&W Revera UK Dynamic fund.
Nimmo explained: 'It's still very much the priority of the business to get that fund up to a size that will make it accessible to all, to somewhere around £50 million.
'It's fair to say we are at a point where we are starting to look at other mandates, particularly in the smaller companies space.'
The fund has outperformed over one and three years, and Nimmo said it attracted the bulk of new money over the year reviewed.
However Revera's directors noted that as the firm moved from a £41,866 loss in 2011 to a £1,099 profit after tax at the end of 2012, flows cooled.
The change was the result of broad risk aversion and because discretionaries and investment managers were focused on their retail distribution review preparation.
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