Gresham House, the alternative-focused asset manager, has reported an increase in assets under management (AUM) of 3% for the third quarter of 2022, as the firm closed September managing £7.5bn on behalf of clients.
This constitutes an uptick in AUM of 15%, or £1bn, for the nine-months to 30 September after the firm posted a strong H1.
Though CEO Tony Dalwood (pictured) said that it was ‘pleasing’ to see AUM growth in the current environment, market headwinds have undoubtedly slowed the firm’s progress; 2021 saw Gresham’s AUM increase by 65%.
The Q3 trading update also confirmed that the firm’s full year adjusted operating profit is expected be between £25.3m and £26.5m, which is in line with market expectations.
If realised, this would better the firm’s 2021 adjusted operating profit figure, which was £20.2m, but it is unlikely to match the 67% rate of increase from 2020.
During the quarter, Gresham House’s Strategic Equity Capital fund saw NAV total return decrease by 8.9%, marginally outperforming the FTSE Small Cap index, and tracking in line with the UK Smaller Companies Investment Trust sector.