June 14, 2024

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Fund manager River and Mercantile plots sale of Alternatives arm | Enterprise News

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River and Mercantile (R&M) Group, the outlined fund supervisor, is plotting the sale of one particular of its main divisions in a transfer that amounts to a partial crack-up of the enterprise.

Sky Information has learnt that the organization has appointed Fenchurch Advisory and Lazard to discipline bids for its fiduciary arm, which manages billions of kilos for pension funds.

The sale procedure has been underway for quite a few weeks, in accordance to City sources.

R&M’s fiduciary arm – which it operates under the name Answers – experienced approximately £43bn of property beneath administration at the close of June.

The group is comprehended to have made the decision to aim on quicker-developing and extra financially rewarding organizations, with an auction of the Solutions unit anticipated to conclude afterwards this calendar year.

The auction is the very first large shift produced by R&M since the fund administration veteran Martin Gilbert joined its board in January.

A little stake in the corporation is held by AssetCo, which has been adopted by Mr Gilbert as his principal car for creating a new asset administration team.

Before this calendar year, R&M poached a senior executive from Abrdn, the team that Mr Gilbert helped to create, to join its board.

A person insider reported that R&M could concern an update to traders as soon as Tuesday to confirm the future sale of its fiduciary arm.

A spokeswoman for R&M declined to remark.

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