3rd Feb 2020 15:27
(Alliance News) - River & Mercantile Group PLC on Monday said its performance improved in both the second quarter and first half of its financial year, and it is beginning to see a growing pipeline of opportunities.
The asset management and investment company said fee earning assets under management increased in the three months to the end of 2019 by 1.4% to GBP42.3 billion. For the six months to the end of 2019, they grew by 6.2%.
"This quarter has seen positive net sales for our Wholesale business for the first time since the fourth quarter of 2017," said Chief Executive James Barham.
He added: "In the first six months investment performance was positive across all divisions."
River & Mercantile said it has seen the benefits of having its divisions diversified in terms of investment exposures, with Fiduciary Management performing "strongly" in the first quarter, whereas Equity Solutions investment performance was stronger in the second quarter.
Looking ahead, Barham added: "We believe expectations for economic growth will increase and credit conditions strengthen, setting a supportive environment for asset markets in general and equities in particular."
The company also said it is beginning to see a growing pipeline of opportunities more broadly across the business and expects these to materialise "later in the year".
River & Mercantile expects to report its interim results in early March, it said.
The stock was trading 4.8% lower in London on Monday at 260.00 pence a share.
By Evelina Grecenko; [email protected]
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