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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 |
From Apr 2019 to Apr 2024
TIDMRIV
RNS Number : 1133D
River and Mercantile Group PLC
29 January 2018
29 January 2018
River and Mercantile Group PLC
Second quarter trading update
31 December 2017
River and Mercantile Group PLC (R&M), the investment solutions business today provides a trading update for the three and six months ended 31 December 2017.
Highlights for the three months ended 31 December 2017:
-- Fee earning AUM/NUM increased by 6% to GBP32.6bn.
-- Inflows were GBP2.5bn, including GBP1.7bn of sales and GBP0.3bn from the Emerging Markets Industrial Life Cycle (ILC) team.
-- Redemptions in the quarter were GBP1.3bn, including GBP0.9bn of maturing structured equity transactions.
-- Investment performance generated GBP0.5bn and was positive across all divisions.
Highlights for the six months ended 31 December 2017:
-- Fee earning AUM/NUM increased by 5% to GBP32.6bn.
-- Inflows were GBP3.6bn, including GBP2.6bn of sales and GBP0.3bn from the Emerging Markets ILC team.
-- Redemptions in the period were GBP2.8bn, including GBP1.5bn of maturing structured equity transactions.
-- Investment performance generated GBP0.8bn and was positive across all divisions.
-- Performance fees earned in the six months ended 31 December 2017 are estimated to be in the region of GBP7m, of which GBP5m relates to the Fiduciary Management division and the balance is from Equity Solutions.
-- Net advisory fees earned for the six months ended 31 December 3017 are estimated to be in the region of GBP5m.
Mike Faulkner, CEO of River and Mercantile, said:
We continue to deliver positive investment outcomes for clients across the Group, with all strategies outperforming on an absolute and relative basis since inception. Fee earning AUM increased by 6% during the quarter, which included the AUM transferred from Credit Suisse relating to the Emerging Markets ILC team.
Equity markets have seen relatively strong performance, which has supported the growth of the Equity Solutions division during the half.
Our pipeline remains robust, and we are seeing strong demand in the local government pension sector for our Derivatives services. We believe we are well placed to compete for business here, particularly as the sector consolidates into pools.
Interim Statements:
R&M will release its interim results for the six month period to 31 December 2017 on 7 March 2018.
Assets Under Management (AUM) and Notional Under Management (NUM)
AUM/NUM for the three months ended 31 December 2017.
Hot Features
Premium
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 10,488 16,272 2,044 1,988 4,032 30,792
Sales 300 832 253 335 588 1,720
Redemptions (127) (959) (118) (63) (181) (1,267)
--------------
173 (127) 135 272 407 453
Net Rebalance
and Transfers (24) 558 - 280 280 814
Net Flow 149 431 135 552 687 1,267
Investment
Performance 316 - 106 100 206 522
Fee Earning
AUM/NUM 10,953 16,703 2,285 2,640 4,925 32,581
Mandates in - - - - - -
Transition
(31 December
2017)
Redemptions
in Transition
(31 December
2017) - (396) - - - (396)
Mandated AUM/NUM 10,953 16,307 2,285 2,640 4,925 32,185
============ =================== ========== ============== ====== ==============
Increase/(decrease)
in Fee Earning
Assets 4% 3% 12% 33% 22% 6%
Increase/(decrease)
in Mandated
Assets 4% 4% 12% 33% 22% 7%
------------------- ---------- -------------- ------ --------------
The Group has included the impact of transfers of AUM/NUM between Fiduciary Management and Derivative Solutions in the line "Net Rebalance and Transfers", and will continue to do so going forward. This was previously shown in sales and redemptions.
AUM/NUM for the six months ended 31 December 2017.
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 10,528 16,888 1,821 1,812 3,633 31,049
Sales 353 1,396 445 428 873 2,622
Redemptions (228) (2,313) (194) (69) (263) (2,804)
--------------
125 (917) 251 359 610 (182)
Net Rebalance and
Transfers (73) 732 - 280 280 939
Net flow 52 (185) 251 639 890 757
Investment performance 373 - 213 189 402 775
Fee earning AUM/NUM 10,953 16,703 2,285 2,640 4,925 32,581
Mandates in transition
(30 June 2017) - - - - - -
Transitions/Adjustments - - - - - -
--------------
Mandates in Transition - - - - - -
(31 December 2017)
Redemptions in
Transition (30 June
2016) (2) (572) - - - (574)
Transitions 2 176 - - - 178
--------------
Redemptions in
Transition (30
September 2017) - (396) - - - (396)
-------------
Mandated AUM/NUM 10,953 16,307 2,285 2,640 4,925 32,185
============= ============== ========== ============== ====== ==============
Increase/(decrease) in
Fee Earning Assets 4% (1%) 25% 46% 36% 5%
Increase/(decrease) in
Mandated Assets 4% (0%) 25% 46% 36% 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.
For further information please contact:
River & Mercantile Group PLC +44 (0)20 3327 5100
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 and Transfers 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.
The category also represents transfers of client assets between divisions. The different billing structures between divisions, including the use of AUM or NUM, means that transfers will not net to zero. The acquisition of AUM as part of the Credit Suisse ILC Co-operation agreement has also been recognised on this line.
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. We report an estimated AUM/NUM for those mandates where there is a high likelihood of the amount being redeemed within the next three months.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
January 29, 2018 02:00 ET (07:00 GMT)
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