Mercia has performed strongly raising >£80m across a number of strategies, against prevailing headwinds. This organic growth demonstrates the ability to scale high RoE 3rd party AuM. We leave our forecasts unchanged at this stage given our assumptions around organic net inflows. The balance sheet remains strong with £37.8m unrestricted cash available (33% mkt cap), alongside liquidity in managed funds, to support investee companies. We reiterate our BUY recommendation and 66p 12m Target Price, s ....
