- Investment manager River and Mercantile Group said its asset under management rose 6% in the third quarter to £36.3bn.

Gross sales for the period were £1.2bn, while net sales were £0.5bn.

Investment performance generated £1.1bn and was positive across all divisions.

'We have continued to see demand for institutional equity solutions and there has been increased pipeline activity in fiduciary management,' the company said.

Performance fees earned were estimated to be £0.5m from fiduciary management.

'Having positioned our clients cautiously in previous periods, I stated in the last trading statement that our macroeconomic signals indicated that risk assets were likely to provide positive returns,' chief executive Mike Faulkner said.

'We therefore adapted our client portfolios accordingly and were able to capture the market returns for them.'

'This ability to respond quickly to asset allocation opportunities is one of our key differentiating capabilities.'

At 9:14am: [LON:RIV] River And Mercantile Group share price was +9p at 254p

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