UK's AssetCo falls after reporting FY loss

Assetco

16/02/2023 12:15

** Shares of wealth management company AssetCo  ASTO.L  down
as much as 19% at 61p
    ** Stock set to record its worst day in almost nine months,
if losses hold 
    ** Co posts FY loss of 9.2 mln stg vs profit of 14.6 mln stg
last year hurt by mounting costs and low investment risk
appetite 
    ** Co hurt by mounting costs, which include acquisition and
reorganisation costs 
    ** ASTO says its investment and consulting firm River &
Mercantile Group, which it acquired last year, has been exposed
to macroeconomic challenges
    ** Co says River and Mercantile Group saw an increase in
client outflows as clients reduced their equity exposure
    ** ASTO reports assets under management of 2.7 billion
pounds ($3.25 billion) as at Sept. 30 vs 113 mln stg reported
last year
     ** Including session's losses stock down 55% YTD
($1 = 0.8298 pounds)
 (Reporting by Sinchita Mitra in Bengaluru)
 ((Sinchita.mitra@thomsonreuters.com))