River and Mercantile is set to lose £927m of its assets under management as it has been served notice from a client about its intention to redeem assets held across several of its global equity strategies.
The asset manager said in a stock exchange announcement this week (15 February) the assets to be redeemed equate to £2.8m of the company's annualised revenue. The news is the latest blow to the firm, which last week (8 February) announced the resignation of the firm's founding member and portfolio manager Dan Hanbury. At the end of last month, R&M's board reached an agreement with AssetCo for an all-share acquisition. Aberdeen Standard Investments' Alex Hoctor-Duncan has since been announced as R&M's new chief executive. River and Mercantile hires for Hanbury's Income fund ...
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