Chairman of River and Mercantile, Jonathan Dawson, said its profits had been hurt by the “significant investment” it had made in distribution and investment manufacturing, as well as the absence of performance fees.
The fund house received just £1.2m in performance fees in the 12 months to June, around a tenth of the £12.5m it earned from the fees the year before.
Mr Dawson said: “The year has brought huge challenges for our industry. I am proud of the way, however, that the group moved with great speed and efficiency to remote working.
“The challenges of the past year have underscored our strengths - our client focus, our core values, our team spirit and our resilient culture - and we therefore look forward with confidence that we will deliver good performance for our clients and for our shareholders.”
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