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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
River And Mercantile Group Plc | LSE:RIV | London | Ordinary Share | GB00BLZH7X42 | ORD GBP0.003 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 49.40 | 50.00 | 51.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMRIV
RNS Number : 6471C
River and Mercantile Group PLC
19 April 2017
19 April 2017
River and Mercantile Group PLC
Trading Update
31 March 2017
River and Mercantile Group PLC (R&M), the investment solutions business today provides a trading update for the three and nine months ended 31 March 2017.
Highlights for the three months ended 31 March 2017:
-- Fee earning AUM/NUM increased by 6% to GBP30.6bn.
-- Net inflows were GBP1.3bn in the quarter, with net sales of GBP0.5bn and positive rebalancing flows in Derivative Solutions of GBP0.8bn.
-- Positive investment performance in all divisions added GBP0.5bn. -- Performance fees in the three months ended 31 March 2017 are estimated to be GBP1.1m.
-- Mandates in transition in Equity Solutions - Institutional include GBP0.2bn relating to the previously announced Willis Towers Watson mandate with Alliance Trust.
Highlights for the nine months ended 31 March 2017:
-- Fee earning AUM/NUM increased by 20% to GBP30.6 bn.
-- Net inflows were GBP3.4bn in the nine months, with net sales of GBP2.0bn and positive rebalancing flows in Derivative Solutions of GBP1.4bn.
-- Positive investment performance in all divisions added GBP1.7bn. -- Performance fees for the nine months ended 31 March 2017 are estimated to be GBP5.9m.
Mike Faulkner, CEO of River and Mercantile, said:
In the quarter, we grew assets and in-force revenue from both positive net flows and investment performance. Our investment performance track record continues to be strong across all products. Our client orientated solutions and low attrition rates have resulted in positive net flows in each of the last twelve quarters since the IPO in 2014.
We remain well positioned to continue this growth and will continue to invest in our operating platform, international capabilities and new product launches. The River and Mercantile Dynamic Asset Allocation Fund, launched in September 2014, now has over GBP100m in AUM and we will be launching and seeding a Global Macro strategy in 2017.
Assets Under Management (AUM) and Notional Under Management (NUM)
AUM/NUM for the three months ended 31 March 2017.
Equity Solutions ---------------------------------- Fiduciary Derivative GBP'm Management Solutions Wholesale Institutional Total Total AUM/NUM --------------- ---------------- ---------- -------------- ------ -------------- (AUM) (NUM) (AUM) (AUM) (AUM) Opening Fee Earning AUM/NUM 10,121 15,693 1,483 1,451 2,934 28,748 Sales 334 207 208 108 316 857 Redemptions (133) (113) (73) (38) (111) (357) -------------- 201 94 135 70 205 500 Net Rebalance - 834 - - - 834 Net Flow 201 928 135 70 205 1,334 Investment Performance 353 - 117 48 165 518 Fee Earning AUM/NUM 10,675 16,621 1,735 1,569 3,304 30,600 Mandates in Transition - 50 - 210 210 260 Redemptions in Transition (115) - - - - (115) Mandated AUM/NUM 10,560 16,671 1,735 1,779 3,514 30,745 =============== ================ ========== ============== ====== ============== Increase/(Decrease) in Fee Earning Assets 5.5% 5.9% 17.0% 8.1% 12.6% 6.4% --------------- ---------------- ---------- -------------- ------ -------------- Increase/(Decrease) in Mandated Assets 4.1% 6.2% 17.0% 22.6% 19.8% 6.8% --------------- ---------------- ---------- -------------- ------ --------------
Fiduciary Management closing fee earning AUM includes GBP101m relating to the River and Mercantile Dynamic Asset Allocation Fund.
Equity Solutions - Institutional mandates in transition represent the recently announced Willis Towers Watson mandate with Alliance Trust.
AUM/NUM for the nine months ended 31 March 2017.
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 772 2,268 485 242 727 3,767 Redemptions (365) (931) (270) (215) (485) (1,781) -------------- 407 1,337 215 27 242 1,986 Net Rebalance - 1,381 - - - 1,381 Net Flow 407 2,718 215 27 242 3,367 Investment Performance 981 - 349 355 704 1,685 Fee Earning AUM/NUM 10,675 16,621 1,735 1,569 3,304 30,600 Opening Mandates in Transition - 170 - - - 170 Closing Mandates in Transition - 50 - 210 210 260 Opening Redemptions in Transition (49) (590) - - - (639) Closing Redemptions in Transition (115) - - - - (115) Mandated AUM/NUM 10,560 16,671 1,735 1,779 3,514 30,745 =============== ================ ========== ============== ====== ============== Increase/(Decrease) in Fee Earning Assets 14.9% 19.5% 48.2% 32.2% 40.1% 19.8% --------------- ---------------- ---------- -------------- ------ -------------- Increase/(Decrease) in Mandated Assets 14.3% 23.6% 48.2% 49.9% 49.0% 22.6% --------------- ---------------- ---------- -------------- ------ --------------
Notes to editors:
River and Mercantile Group PLC (R&M) is an investment solutions business with a broad range of services, from consulting and advisory, to fully delegated fiduciary management and asset 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 Liability Driven Investing (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 GBP30bn under management, including GBP17bn of derivatives, and advises on more than GBP25bn of assets.
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 (including Gilts) 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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(END) Dow Jones Newswires
April 19, 2017 02:00 ET (06:00 GMT)
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