River and Mercantile Group blamed equity "weakness" for dragging performance over the three months to 31 March 2018, a period chief executive Mike Faulkner called the "apprehension phase" of a market cycle.
Notable redemptions included £165m flowing out of the UK Smaller Companies and £158m from its UK Dynamic funds following former manager Philip Rodrigs' high-profile exit from the group earlier this year. Outflows also included £300m of maturing structured equity investments. Faulkner said: "As expected, our AUM has been negatively affected by the investment return in our equities business, but the effect was more muted in fiduciary management due to our defensive positioning." The group posted three and nine-month results simultaneously, with fee-earning total assets under manageme...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
