The directors of UK-listed investment group River & Mercantile have decided not to take a bonus for its reporting year ended June 30 despite a surge in inflows, after the firm was hit by the closure of Alex Stanic’s global thematic equity strategy.

Net inflows totalled £2.8 billion, despite outflows of £770 million from Stanic's former funds. Total R&M assets under management, further boosted by investment gains, rose to £21.3 billion as of the end of June, an increase of 18% over 12 months, the firm's latest annual accounts show.