Shares in specialist alternative asset manager Gresham House (GHE) rallied 4.3% to a new year-high of 720p, against the backdrop of a sickly UK market, after it posted strong interim results thanks to a further rise in assets.

In the six months to 30 June the firm reported a 33.3% increase in total core income to £17.8 million as assets under management (AUM) rose to £3.26 billion, an increase of 16.7% of which 10% was due to organic growth.

Chairman Anthony Townsend described the first half performance as ‘particularly noteworthy given the significant level of ongoing investment in the key areas of growth in the business - our people and our ESG offering - particularly in Housing, New Energy, Sustainable Infrastructure and Forestry.’

BUSY HALF

During the period the firm announced the acquisition of TradeRisks, a specialist provider of debt structuring and advice to the housing and social infrastructure sectors, and the owner of ReSi Capital Management, which manages the Residential Secure Income Trust (RESI).

Gresham House already has a social housing offering for its clients and the TradeRisks deal increases its portfolio while bringing it a listed fund in the housing segment. As of the end of last year ReSi had gross assets under management of £321 million including £72 million in shared ownership homes.

Shortly afterwards the firm was appointed investment manager and alternative investment manager of the £150 million Strategic Equity Capital fund, in a joint venture with Aberdeen Standard Investments, part of Standard Life Aberdeen (SLA).

Meanwhile the firm hit its target of raising £300 million of assets for its British Strategic Investment Fund, and its UK Multi-Cap Income Fund celebrated its three-year anniversary by being named best performing fund in the Investment Association (IA) Equity Income sector.

GREEN CREDENTIALS

In response to the growing demand for its ESG-focused strategies, the firm appointed Rebecca Craddock-Taylor as director of sustainable investment to lead the integration of its existing sustainable investment policies across its real asset and strategic equity businesses.

The firm’s credentials were further enhanced with the award of the Green Economy Mark from the London Stock Exchange (LSE) in July and the highest possible rating for its strategy and governance from the Principles for Responsible Investment policy organisation.

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Issue Date: 17 Sep 2020