Advisers pulled a net £88m of assets from fund house River and Mercantile in the three months to the end of September 2019.
The company’s quarterly results statement, published this morning (November 4) showed advisers withdrew £125m from River and Mercantile products in the three-month period and placed £37m with the firm.
The total assets managed by the company for advised clients was £1.48bn at the end of September.
Across all of its businesses, River and Mercantile had net inflows of £1bn, driven by its derivatives solutions business, which had net flows of £1.07bn.
Investment performance contributed £900m of asset growth towards total assets under management of £39.8bn.
The company’s chief executive James Barham said: “As an indication of continued strong support from our clients, gross sales included £924m (78per cent) from existing clients demonstrating the strong client outcomes we have generated.
"We have seen strong client engagement across the business, with increased activity levels in fiduciary management, and strong pipeline across the derivatives and equities businesses."
He said the group had a positive outlook in the medium term on markets, which were supported by a stable economic environment.
He added: "Globally, valuations look slightly expensive (particularly in certain sectors in the US), credit conditions remain positive with the cost of borrowing falling, and overall economic conditions remaining good in our view.
"Despite some challenging media headlines, we expect economic conditions to improve over the next 18 months.”
The company earned £500,000 in performance fees from its investment products.
River and Mercantile shares have been trading 2 per cent higher, at £2.55, since the trading update was released.
david.thorpe@ft.com
