TIDMRIV
RNS Number : 1681M
River and Mercantile Group PLC
11 October 2016
11 October 2016
River and Mercantile Group PLC
Trading Update
River and Mercantile Group PLC (R&M), the advisory and
investment management business today provides a trading update.
This comprises Assets under Management (AUM) and Notional under
Management (NUM) for the three months ended 30 September 2016.
Highlights for the three months ended 30 September 2016:
-- Fee earning AUM/NUM increased by 9% to GBP27.9bn.
-- Net inflows were GBP1.3bn in the period, with net sales of
GBP0.9m and positive rebalancing flows in Derivative Solutions of
GBP0.4bn.
-- Investment performance added GBP1bn with strong performance
across all Divisions in the period.
-- Performance fees earned in the quarter ended 30 September 2016 were GBP2.3m.
Mike Faulkner, CEO of River and Mercantile, said:
"The first quarter AUM/NUM shows growth in all divisions from
both strong net flows and positive investment performance. This
growth further drives in-force revenue demonstrating continued
progress against our strategy."
Assets Under Management (AUM) and Notional Under Management
(NUM)
Assets Under Management (AUM) and Notional Under Management (NUM)
Equity Solutions
----------------------------------
Fiduciary Derivative
GBP'm Management Solutions Wholesale Institutional Total Total AUM/NUM
------------- -------------- ---------- -------------- ------ --------------
(AUM) (NUM) (AUM) (AUM) (AUM)
Opening Fee Earning
AUM/NUM 9,287 13,903 1,171 1,187 2,358 25,548
Sales 307 767 90 117 207 1,281
Redemptions (88) (37) (109) (158) (267) (392)
--------------
219 730 (19) (41) (60) 889
Net Rebalance - 445 - - - 445
Net Flow 219 1,175 (19) (41) (60) 1,334
Investment Performance 660 - 169 180 349 1,009
Fee Earning AUM/NUM 10,166 15,078 1,321 1,326 2,647 27,891
Mandates in Transition
(30 June 2016) - 170 - - - 170
Transitions/Adjustments - 20 - - - 20
--------------
Mandates in Transition
(30 September 2016) - 190 - - - 190
Redemptions in
Transition (30 June
2016) (49) (590) - - - (639)
Transitions (1) (13) - - - (14)
--------------
Redemptions in
Transition (30
September 2016) (50) (603) - - - (653)
-------------
Mandated AUM/NUM 10,116 14,665 1,321 1,326 2,647 27,428
============= ============== ========== ============== ====== ==============
Increase/(Decrease) in
Fee Earning Assets 9.5% 8.5% 12.8% 11.7% 12.3% 9.2%
------------- -------------- ---------- -------------- ------ --------------
Increase/(Decrease) in
Mandated Assets 9.5% 8.8% 12.8% 11.7% 12.3% 9.4%
------------- -------------- ---------- -------------- ------ --------------
Notes to editors:
River and Mercantile Group PLC (R&M) is an advisory and
investment solutions business with a broad range of services, from
consulting and advisory, to fully delegated fiduciary management
and fund management.
R&M is focussed on creating investment solutions for
institutional pension schemes, insurance and financial
intermediaries and operates through four divisions: Investment
Solutions encompassing both advisory and fiduciary management,
Derivative Solutions providing structured equity and LDI, Equity
Solutions providing UK and global equity strategies and Multi Asset
Solutions, providing dynamic asset allocation and other multi asset
based solutions.
The Group has GBP28bn under management, including GBP15bn of
derivatives.
For further information please contact:
River & Mercantile Group PLC +44 (0)20 3327 5100
Kevin Hayes, Chief Financial Officer
Chris Rutt, Deputy Chief Financial Officer and Investor
Relations
Forward-looking statements
This announcement contains forward-looking statements with
respect to the financial conditions, results and business of the
Group. By their nature, forward looking statements involve risk and
uncertainty because they relate to events, and depend on
circumstances that will occur in the future. River and Mercantile
Group's actual results may differ materially from the results
expressed or implied in these forward looking statements. Nothing
in this announcement should be construed as a profit forecast
Notes:
Assets Under Management (AUM) represents the assets over which
we act either as a discretionary investment manager on a partial or
fully delegated basis in accordance with an investment management
agreement.
Notional Under Management (NUM) represents the aggregate
notional of derivative contracts and is the basis on which
management fees are charged.
Net rebalance in the Derivative Solutions division represents
the net change in billing notional values of Derivatives from
existing client mandates and can increase or decrease based on
changes in the underlying hedging strategies.
Fee Earning AUM/NUM represents amounts on which management fees
and performance fees are charged.
Mandates in Transition represent the AUM/NUM of mandates which
have been awarded by clients at the period-end date and will
transition into fee earning assets. The timing, and ultimate amount
transitioned is determined by the client. We report an estimated
AUM/NUM for those mandates where there is a high likelihood of the
amount being transitioned within the next three months.
Redemptions in transition are redemptions which have been
notified by the client at the period-end date, but where the
AUM/NUM is included in fee earning assets at period end. The
redemptions will be included in a future period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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