- River and Mercantile says it has delivered growth in difficult market conditions and all divisions delivered positive net sales across all quarters, demonstrating the defensive nature of its business model.

"This trading update confirms guidance we gave recently on trading conditions during June 2016," said CEO Mike Faulkner.

"As we had indicated, while this was a more challenging period for Equity Solutions the division still reported positive net flows during June," he said.

"The marginal negative impact of market movement in Equity Solutions was more than offset by the experience in the other divisions. Fiduciary Management in particular saw a rise in assets of over £600m from investment performance alone.

"The net effect during June was positive net flows and positive investment performance, leading to AUM/NUM growth of 5% in the month."


· Fee earning AUM/NUM increased by 22% from 30 June 2015, to £25.5bn.

· All divisions had positive net flows which totalled £3.7bn in the period, with net sales of £2.6bn and positive net rebalancing flows in Derivative Solutions of £1.1bn.

· Investment performance added £0.8bn, in a very challenging market environment.

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