StockMarketWire.com - Specialist alternative asset manager Gresham House reported a 19% advance in assets under management (AUM) in the six months to 30 June to £4.7 billion.

Organic growth totalled 12% with net core income up 31% to £23.0 million (H1 2020: £17.5 million). Adjusted operating profit was up 32% to £6.9 million (H1 2020: £5.2 million)

The company said it was utilising balance sheet to grow the asset management business with cash and liquid assets at 30 June 2021 of £45.0 million (31 December 2020: £45.1 million).

It also reported post period AUM growth with fund inflows of over £350 million, and the announced acquisition of the Venture Capital Trust business of Mobeus Equity Partners LLP increasing pro forma AUM to £5.4 billion.

The company has announced an offer on the PrimaryBid platform of £2 million as part of a £40 million fundraise to to help fund the acquisition of Mobeus Equity Partners and to fund battery storage and solar development projects.

Commenting on the results, Tony Dalwood, CEO said: 'Our first half performance has been very strong, with robust AUM growth driven by organic progress and international expansion. In addition, the acquisition of the Mobeus VCT business, announced today, will create further shareholder value.' Story provided by StockMarketWire.com