River and Mercantile Group chief executive Mike Faulkner has welcomed a return to the “day-to-day running of the business” as the boutique fund manager posted its first trading update since floating last month.

The firm - which has had a busy year so far, having also merged with pensions manager P-Solve in March - recorded growth in assets under management and notional under management of 3% for the quarter ended June 30, 2014, compared with the previous quarter.