The boss of AssetCo said today there was “still much to do” as the newly expanded asset manager posted pre-tax losses of £2.6m for the first half of the year.
The firm, led by chief executive Campbell Fleming and veteran chairman Martin Gilbert, has been through a period of transformation in the past six months with four acquisitions, including River and Mercantile Group for around £95.3m.
Net assets at the end of March were at £55.6m, up from £31.1m last year, including the investment gain in RMG shares of £1.2m.
Revenues hit £1.3m in the six months to the end of March, with bosses saying that pre-tax losses were “in line with expectations” as the firm continues to build.
Fleming said the firm had made “good progress” in developing the firm’s listed equity platform, private markets capability and thematic ETF business, but there was more work to be done.
“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,” he said in a statement.
“There is still much to do, but we have the people, products and the financial strength to deliver for clients and shareholders alike.”
City veteran Gilbert added the firm was positioning itself to tap into a shift in the market in the years ahead.
“AssetCo is focused on identifying and building on a limited number of growth opportunities and in unlocking value from the repositioning of more traditional asset managers,” he said today.
“Of particular relevance are high conviction active equities, ESG/sustainable strategies and thematic investing, and private markets capabilities.”