River & Mercantile Group has seen assets rise 3 per cent in the second quarter to £17.4bn, according to an interim statement weeks after it listed on the stockmarket.
The group listed on the London Stock Exchange on June 26 with an offer price of 183p per share, which valued the business at £150m. This morning the stock is trading at 218.5p.
Besides the rise in assets in Q2, the group said investment performance contributed £58m to the rise in assets while performance fees of £1.8m were also recorded.
Mike Faulkner, chief executive of River and Mercantile, said: “Completing the initial public offering in June was a significant milestone for the group, providing an enhanced platform for future growth opportunities.
“We continue to focus on delivering strong and sustained investment returns for our clients and the growth of the business to generate value for our shareholders.”
Mr Faulkner added the company’s investment strategies had generally delivered “targeted, outcome-orientated investment performance” for clients and the level of net sales and mandates in transition was “a positive indiciation” the business had performed well.
R&M, previously P-Solve Limited, completed the merger with River and Mercantile Asset Management on March 27.
Historically, P-Solve’s year end was December 31 and R&M Asset Management’s year end was March 31.
Upon completion of the merger, the group changed its accounting reference date to June 30, effective from this year.
