River & Mercantile has said it expects to report "solid" asset growth for the second quarter, with positive flows up until the end of May and only "minimal net outflows" in the days immediately after the EU referendum within its wholesale equity solutions business.
The group decided to issue a trading update in the wake of the Brexit vote and "extreme market conditions". In the two months to the end of May, R&M's assets under management grew by £700m as a result of positive net flows and positive investment performance, the group said. The strongest contribution to flows was from the derivatives business which the update said was "unsurprising given the prevailing levels of uncertainty". R&M sees 17% boost to wholesale business despite drop in fees For June, the group noted the "substantial losses in the share prices of many financial serv...
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