StockMarketWire.com - Arrow Global Group said gross asset management and servicing income grew 14% thanks to contributions from its Norfin, Europa Investimenti and Parr Credit acquisitions.

For the six months ended 30 June 2019, gross asset management and servicing (AMS) income increased 14.4% to £68.3m, as margins in the business increased to 23% from 19% last year, partly driven by the contribution from Norfin's higher-margin fund management business revenue, the company said.

The company said it would target a minimum £20m of cost run-rate savings, expected to be delivered by the end of 2020 with an estimated cost to achieve of £20m, supporting simplification, enhanced efficiency and flexibility in AMS operations.

The company scaled back purchases in its investment business in Q1, making £165.6m of portfolio purchases, which led to an increase in returns of 18% seen in half verses 16% a year earlier.


At 9:40am: [LON:ARW] Arrow Global Group share price was -5.3p at 260.7p



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