R&M has issued a solid Q2 update: 6% growth in fee earnings assets on net inflows and positive performance, as well as a strong performance fee outturn (c.£7m). There are additional positives on closer examination: underlying organic net flows are higher and potential deferred value from TIGS performance fees. We update our model for the outturn but also incorporate MiFID2 research cost guidance and prudence on peripheral income leaving our forecasts largely unchanged (+/-5%). We see upside to t ....
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AuM/NuM +6% in Q2, strong performance fees
- Published:
29 Jan 2018 -
Author:
Andrew Watson -
Pages:
3
R&M has issued a solid Q2 update: 6% growth in fee earnings assets on net inflows and positive performance, as well as a strong performance fee outturn (c.£7m). There are additional positives on closer examination: underlying organic net flows are higher and potential deferred value from TIGS performance fees. We update our model for the outturn but also incorporate MiFID2 research cost guidance and prudence on peripheral income leaving our forecasts largely unchanged (+/-5%). We see upside to t ....