For the six months ended 31 March 2022, the firm announced a loss before taxation of £2.6m, compared to a profit of £22.3m for the same period in 2021, which AssetCo said was in line with its expectations as it continues to build the business.

The profit in 2021 principally arose from the final payment received from the successful litigation claim against Grant Thornton.

Net assets at 31 March 2022 were £55.6m, compared to £31.1m in March 2021. This uplift in net assets includes the investment gain in RMG shares of £1.2m, where the company held 5.85% of the issued equity share capital prior to the acquisition and the goodwill recognised on investments in Rize ETF and Saracen totalling £19.8m.

AssetCo has also announced a planned interim dividend of 13.0p, which is expected to be declared in the final quarter of this year.

In January 2022, the company announced an offer to acquire River and Mercantile Group by way of a scheme of arrangement for effectively £95.3m, to be satisfied by the issue of around 6 million new AssetCo shares. The offer was conditional on the sale of River and Mercantile’s UK Solutions business and a subsequent £190m return of capital to shareholders, both of which have now occurred.

The acquisition received overwhelming support from both River and Mercantile and AssetCo shareholders at their respective General Meetings and has received regulatory approval from the Financial Conduct Authority. Completion of the acquisition and the issue of the new AssetCo shares takes place today.

Campbell Fleming, CEO of AssetCo plc, said: “We have made good progress in developing AssetCo’s listed equity platform, private markets capability and thematic ETF business. At the same time, Parmenion, which provides investment solutions to advisers and their clients, has expanded. The current market environment, alongside the structural shifts taking place within the asset and wealth management sector, supports a strategy of building an agile asset and wealth manager, uninhibited by legacy issues, to meet the needs of investors.

“There is still much to do, but we have the people, products and the financial strength to deliver for clients and shareholders alike. We will continue to invest in our existing businesses, assess strategic opportunities that will add value to our capabilities, and focus on generating organic growth.”