5th Jul 2016 07:27
LONDON (Alliance News) - River & Mercantile Group PLC on Tuesday said it business was relatively unaffected in the second half of its financial year to the end of June by the uncertainty leading up to the UK's vote on its place in the European Union and said assets under management grew to the end of May.
Chief Executive Mike Faulker said that "in light of the extreme market conditions", the asset management company felt it appropriate to update on its trading performance to the eleven months to the end of May, plus an indication of how the business traded during June.
River & Mercantile said it expects the only negative impact it will have faced in June, when the UK voted to leave the EU, will be from its wholesale equity business. Beyond this, fund flows have been normal, and it has seen no outflows in other business lines as a result of the referendum outcome.
River & Mercantile said its assets under management at the end of May grew to GBP24.3 billion, up 16% from the end of June 2015. All divisions showed positive net asset flows in the eleven-month period to the end of May, the company said, with investment performance also adding another GBP300.0 million to assets under management.
The company said in the two months to the end of May, fee-earnings assets under management grew 3.0%, again with good flows in all divisions and investment performance adding GBP100.0 million, driven by a strong fiduciary management unit performance.
River & Mercantile shares were up 8.6% early Tuesday to 197.57 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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