Progeny snaps up UK financial planning firm
Deal takes assets under management to nearly £7bn
Deal takes assets under management to nearly £7bn
FTSE Small Cap Index was down twice as much in a tough trading period
Its share price fell 11% during the period but the trust’s performance has perked up in the months since
Its share price is up over 40% this quarter following a recovery in investor confidence
While 7IM remains the trust’s biggest holding in wake of sale rumours
Schroders’ subsidiary has also picked up a 49% stake in a chartered financial planning firm
NAV looks set to drop below minimum threshold next month
CEO said business in ‘good health’ despite outflows and M&A costs incurred
Though its financial first quarter saw AUM slide 3%
As FUM takes 7.6% hit
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Firm now has over £1bn in assets under management