11th Feb 2016 08:51
LONDON (Alliance News) - River & Mercantile Group PLC on Thursday said it has seen strong growth in its equity and derivatives solutions divisions, as the asset manager reported strong net inflows and an increase in the assets it manages in the second quarter of its financial year.
The group, which was formed through the merger of institutional adviser P-Solve Ltd and River and Mercantile Asset Management LLP in March 2015, said fee earning assets under management and notional under management rose by 5% to GBP22.5 billion over the course of the three months ended December 31.
Net inflows amounted to GBP909 million in the quarter, boosted by a GBP1.0 billion structured equity options mandate by a UK defined benefit pension scheme and the group's first global equity mandate in Australia, while investment performance was "positive" across the business.
"Despite difficult market conditions in the quarter; we have generated positive net flows and positive investment performance in each of our businesses," Chief Executive Mike Faulkner said.
"As we anticipated...we have experienced strongest growth in our equity and derivatives solutions divisions. We continue to deliver sustained investment returns and effective outcome led solutions to our clients, and remain strongly positioned for growth," he added.
Shares in River & Mercantile Group were down 3.5% at 248.00 pence on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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