River & Mercantile profit halves as performance fees slump

Lower gilt yields to blame

David Brenchley
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R&M's statutory pre-tax profit halved to £8.3m
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R&M's statutory pre-tax profit halved to £8.3m

River & Mercantile (R&M) saw its profits cut in half due to much lower performance fees and the "significant investment" the firm has made in its distribution and investment manufacturing divisions.

R&M said that its underlying revenues grew by 6% to £69.4m in its full-year to 30 June 2020, with assets under management (AUM) 11% higher at £44.2bn. However, its adjusted underlying pre-tax profit...

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