River and Mercantile has revealed that is has won the right to run a fiduciary client mandate of £1.16bn.

Its Q2 trading statement said that the firm was appointed by “a range of clients” which include the mandate, which was signed in January.

The deal will transition by the end of the current financial quarter.

It consists £630m of fiduciary management assets under management and £530m in derivatives notional under management, although further details were not disclosed.

Commenting on the announcement, River and Mercantile group chief executive, James Barham, said that the firm was “delighted with the appointment”, which was “based on both the strength of our investment performance and the innovative solutions that we provide”.

He continued: “We are also beginning to see a growing pipeline of opportunities more broadly across the business and we expect these to materialise later in the year.

“In addition, we have seen a number of our solutions clients meet their objectives and following strong investment outcomes are able to reduce their liabilities through insurance.

“We see this as a positive client outcome in spite of the negative impact on our underlying assets under management or advice.”

Its investment performance was negative £160m over the three months to 31 December 2019, although its gross sales were up to £1.8bn.

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