23rd Jul 2014 11:08
LONDON (Alliance News) - River and Mercantile Group PLC Wednesday said that its fee-earning assets under management and notional under management increased by 3% to GBP17.4 billion in the three months to the end of June.
In its maiden trading update since listing on the main market of the London Stock Exchange in June, the advisory and investment management business said that investment performance contributed GBP58.0 million to the rise in assets managed, primarily from its fiduciary management division, which was partly offset by a negative performance in the equity solutions division. It reported GBP1.8 million in performance fees in the quarter from fiduciary management.
"Completing the IPO in June was a significant milestone for the group, providing an enhanced platform for future growth opportunities. We continue to focus on delivering strong and sustained investment returns for our clients and the growth of the business to generate value for our shareholders," Chief Executive Mike Faulkner said in a statement.
"Our investment strategies have generally delivered targeted, outcome-orientated investment performance for our clients. 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," the CEO added.
River and Mercantile was known as P-Solve Ltd until it completed a merger with River and Mercantile Asset Management on March 27. Historically, P-Solve's year-end was December 31 and RAMAM's was March 31.
River and Mercantile Group shares were Wednesday quoted up 2.6% at 224.23 pence, up on its 183 pence per share IPO pricing.
By Samuel Agini; [email protected]; @samuelagini
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