River and Mercantile Asset Management’s profits almost halved in the 12 months to the end of March — its first set of full-year results since the boutique fund manager merged with investment consultant P-Solve.

Profits for the asset manager fell 44% from £15.4 million to £8.7 million for the year ended March 31, 2015, according to results filed at Companies House. Revenues - which comprise gross management and gross performance fees - were down to £16.4 million from £21.6 million.