13th Jul 2016 08:27
LONDON (Alliance News) - Fund manager River & Mercantile Group PLC on Wednesday confirmed its trading held up well in June following the UK's Brexit vote, with assets under management continuing to rise.
Last week, River & Mercantile posted a trading update covering the five months to the end of May and provided an indication of how its June performance had fared in the wake of the UK's decision to leave the European Union.
In June, River & Mercantile said fee-earning assets under management grew 5.0% for the month to GBP25.5 billion. That figure represents an 8.0% rise in the quarter to the end of June and a 22% rise for the year to the end of June. The firm's financial year ended on June 30.
The group said all of its divisions saw positive net flows in June, with investment performance also positive thanks to a good performance in its Fiduciary Management division.
"This trading update confirms guidance we gave recently on trading conditions during June 2016. As we had indicated, while this was a more challenging period for Equity Solutions the division still reported positive net flows during June," said Chief Executive Mike Faulkner.
"We delivered growth in difficult market conditions and all divisions delivered positive net sales across all quarters, demonstrating the defensive nature of our business model," he added.
River & Mercantile shares were untraded on Wednesday, having last traded at 198.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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