AssetCo's losses tripled during the twelve months to 30 September 2023, the second consecutive year the asset management consolidator has failed to turn a profit.
In its annual results published today (18 March), AssetCo said the total loss for the year stood at £26.7m, up from £8.5m at the end of September 2022. This included £7.7m operating loss of continuing businesses, £1m of which came from the River and Mercantile Infrastructure business, which was sold in October last year. A large portion of the losses came from Rize ETF, comprising operational loss of £2.4m and a goodwill attributed to the firm of £12m as of 31 March 2023, which AssetCo decided to write down "before accounting for sale proceeds". River and Mercantile rebrands to Riv...
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