By Mark McSherry — Martin Gilbert’s AssetCo has announced plans to bring together its four active equity asset management subsidiaries under its River and Mercantile brand.
The changes are expected to take place during the course of 2023.
The new initiative will bring together River and Mercantile’s existing operations with SVM Asset Management, Saracen Fund Managers and Revera Asset Management under a common brand and operating structure.
AssetCo Chairman Martin Gilbert said: “Our aim has always been to develop an operating model for our asset management businesses, which will improve scalability, drive material cost synergies and strengthen distribution.
“It is testament to the complementary nature of the active equity asset management businesses we have acquired and the co-operative manner in which they have worked together since, that they have been able to announce this coming together so quickly after becoming part of the AssetCo group of businesses.
“I am delighted to see the River and Mercantile brand go from strength to strength, building on the inherent strengths of each of the participating businesses.”
River and Mercantile CEO Alex Hoctor-Duncan said: “We see a significant opportunity over the next few years to grow our market share in the UK and to move into new geographies.
“As part of this, I am delighted to announce this reorganisation which I believe will deliver significant benefits to clients across all four firms, as well as build on the strength of the River and Mercantile brand.
“I am very much looking forward to working with my colleagues at SVM, Saracen and Revera to capture the very best talent, performance and operating practices at each firm and blend them into a greater whole as we move forward.”
Saracen Fund Managers CEO Graham Campbell said: “We have been working closely with the R&M team over the last few months and can already see the benefits of a unified equity team, led by James Sym, as well as the enhanced distribution capabilities of R&M.”
SVM Asset Management MD Colin McLean said: “I am enormously proud of everything we have achieved over the last 30 years.
“I am excited to see, and help, the business develop under the River and Mercantile name in the future.”
James Sym, Head of Equities at River and Mercantile, said: “Successful boutique asset managers have at their heart a strong investment process, an innovative and collaborative culture and talented individuals who enjoy coming to work.
“We are very fortunate to have these in place at R&M and have been enjoying working closely with our new colleagues as we continue to bring our investment capabilities to a wider audience.”