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Rensburg Sheppards (RBG)

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Friday 01 August, 2008

Rensburg Sheppards

Interim Management Statement

RNS Number : 3549A
Rensburg Sheppards plc
01 August 2008
 




Rensburg Sheppards plc


Interim Management Statement - 3 months ended 30 June 2008


Rensburg Sheppards plc, the investment led wealth management group, today publishes its Interim Management Statement for the three months ended 30 June 2008.

 

Net revenue* for the first quarter of this financial year declined 1.4% from that achieved by the group in the corresponding quarter of the prior year. The board considers this to be a resilient performance given the marked downturn experienced in the operating environment when comparing these periods. The table below analyses net revenue between the two business segments of the group:



3 months ended

30 June 2008

£'000

3 months ended

30 June 2007

£'000 

Change %





Investment management

27,391

27,215

+0.6





Fund management

2,920

3,540

-17.5





Total net revenue

30,311

30,755

-1.4






* Revenue net of fees and commissions payable to introducers


During the three months ended 30 June 2008, the group's total funds under management declined by 2.3%. This compared favourably against the FTSE APCIMS Private Investors Balanced index which declined 2.7% over this period. An analysiof the group's funds under management by business segment is given below:



   30 June 2008

£ bn

 31 March 2008

£ bn

Change %





Investment management:

11.21

11.48

-2.4

- Discretionary

7.86

8.04

-2.2

- Non-discretionary

3.35

3.44

-2.6





Fund management:

1.44

1.47

-2.0

- Retail units 

1.01

1.08

-6.5

- Segregated mandate

0.43

0.39

+10.3





Total funds under management

12.65

12.95

-2.3

-----------------------------------------

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FTSE APCIMS Balanced index

2,726.73

2,801.75

-2.7


As announced in the group's preliminary results statement for the year ended 31 March 2008, the group opened a new office in Edinburgh in April 2008 which has started well. On 6 May 2008 the group made an early repayment of £5 million of capital against its subordinated loan obligations in addition to the first scheduled capital repayment of £5.625 million


Conditions remain challenging, with the period since 30 June 2008 having witnessed significant volatility and a further decline in the leading financial market indices. However, the board remains satisfied with the financial position of the group and with its prospects for developing the business further.


For further information, please contact:


Steve Elliott, Chief Executive                                                       Tel: 020 7597 1234

Jonathan Wragg, Finance Director                                               Tel: 0114 228 6705

Rensburg Sheppards plc


Nick Lyon / James White                                                              Tel: 020 7796 4133

Hudson Sandler


This information is provided by RNS
The company news service from the London Stock Exchange
 
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