River Global plc
River Global PLC (formerly AssetCo plc, renamed after a change of business/reverse-takeover-style consolidation) is a UK AIM-listed holding company for a group of active equity asset management businesses (River Global Investors, RGI Fund Management/ACD, and legacy SVM, Ocean Dial, Revera and Saracen brands), managing UK and global equity mutual funds, investment trusts and institutional/wholesale mandates. It also holds a structured 30% equity interest (via loan notes) in Parmenion Capital Partners LLP, a digital investment platform, with rights to that interest attributed to a separate class of B shares following a March 2025 share reorganisation. Post year-end the Company agreed to sell its operating asset management business (River Global Holdings Limited and subsidiaries) to Liontrust Asset Management PLC (announced 16 March 2026).
FY2025 in sixty seconds
year to 30 Sept 2025 · approved 16 Mar 2026 · 104 pages · FCA NSM
River Global, which runs investment funds that put savers' money into company shares, saw revenue fall to £12.2m in the year to 30 September 2025, from £13.8m the year before. Its loss after tax widened to £11.2m, from £2.5m.
Most of that loss came from one-off costs, mainly an £8.1m cut in the value of businesses bought in earlier years, plus restructuring costs. Leaving out these one-offs, the operating loss narrowed to £1.4m from £3.3m, helped by cost cuts. Revenue fell because investors across the industry kept pulling money out of funds that pick shares actively.
Cash at the year end was £6.1m, down from £8.7m, with no borrowings other than property leases. No money was raised from shareholders and no dividend was paid. Management expects tough markets to continue. It said profitability was "within sight" but had been pushed back again after a large client of Devon, a fund business it had just bought, left. On the day the report was approved, the company agreed to sell its fund business to Liontrust. The auditor raised no concerns, and the board expects to have enough money for at least 12 months.
Management and performance fees calculated as a percentage of Assets under Management (AUM)
Gross annualised revenue net of rebates of £11,674k on AUM of £2,351m at a weighted average fee rate of 50bp as at 30 September 2025
page 15Cost reduction and operating platform simplification
Business shed nearly £5m of costs during the year despite a revenue decline of over £2m; consolidation of five inherited management companies, fund ranges and custodians onto a single fund umbrella and operating model was completed end-October 2025
page 6We are under no illusion that market conditions will become less challenging near term... Profitability is within sight and, indeed, we moved into run rate profitability for a brief period following the acquisition of Devon. Sadly, the loss of Devon's institutional client along with the incessant outflows afflicting the industry, has pushed this milestone out once again.
page 7No interim or final dividend was declared or paid for FY2025 or FY2024; the Board decided against payment of a dividend in light of adverse trading conditions
page 3211 years on one page · FY2015–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
13 figures restated in a later report
Every figure is read again from the following year’s report: 283 confirmed, 16 differ, 13 restated.
No figure has been restated: every figure a later report printed again, it printed the same.
13 more figures were restated in FY2015 to FY2022, which a free account opens.