River & Mercantile Asset Management announced on Tuesday that Dan Hanbury is to leave the firm both as a partner and a portfolio manager.

Martin Gilbert’s investment firm AssetCo plc said on January 25 it agreed an all-share deal worth £99.8 million to buy River & Mercantile Group (RMG).

RMG shareholders will own 41.6% of the combined group after the deal.

AssetCo said on January 25 it “is currently intended” that RMG, together with AssetCo’s Edinburgh-based active equities asset manager Saracen Fund Managers, will form the foundation for AssetCo’s active equities business.”

On Tuesday, River and Mercantile Group said in a stock exchange statement: “The company announces that portfolio manager Dan Hanbury has notified its subsidiary, River and Mercantile Asset Management LLP (RAMAM), of his intention to resign as partner and portfolio manager.

“Dan Hanbury is the portfolio manager of the ES River and Mercantile UK Equity Smaller Companies Fund and the ES River and Mercantile UK Equity Income Fund, which as at 31 December 2021 represented approximately £674 million and £116 million of assets under management respectively.

“Dan is to be succeeded by George Ensor to manage the Smaller Companies Fund.

“George has been with RAMAM since 2014, manages the highly successful R&M UK Micro Cap Investment Company and has worked closely with Dan on the Smaller Companies Fund for a number of years.”

An AssetCo spokesperson, said: “We note the announcement made by River and Mercantile.

“Asset management is a people business and individuals leaving and joining organisations is a regular occurrence.

“We have confidence in the senior executives and the investment management team at River and Mercantile to ensure a smooth transition of responsibilities and to continue to deliver for investors.

“We continue to work towards acquiring River and Mercantile with the approval of shareholders and regulators.”