Martin Gilbert’s investment firm River Global plc announced that Alex Hoctor-Duncan, CEO of River Global’s asset management business, is leaving the business.
Matt Hudson, Head of Equities for River Global, will take over as Chief Investment Officer of River Global Investors LLP, the regulated asset management subsidiary of River Global PLC.
In doing so, he will assume Hoctor-Duncan’s regulatory and management responsibilities for that part of the business.
Gary Marshall, Chief Finance and Operations Officer for River Global PLC, will assume the role of CEO of SVM Asset Management (trading as RGI Fund Management), the regulated Authorised Corporate Director and Manager of the Group’s UK domiciled open-ended funds, and take on all of Hoctor-Duncan’s other management responsibilities.
Hudson and Marshall will both report to Gilbert, chairman of River Global.
River Global said: “Over the last three and a half years Alex has led the asset management business through a period of transformation and significant re-design to deliver a simplified and stable platform that is well positioned for growth. Having achieved these goals, Alex and the Board of River Global PLC have agreed that it is the right time for Alex to step down and he will hand over his responsibilities in the coming months.”
Gilbert said: “I would like to thank Alex for his energy, resilience and leadership in steering River Global through an incredibly difficult period for the industry. We are now better positioned for growth, and I am pleased that our succession planning enables the smooth transition to Matt Hudson and Gary Marshall.
“River Global today has assumed its rightful place as a specialist boutique provider with a tremendous track record of stock picking, a focused and appealing range of UK, Global and Regional equity products and demonstrable expertise particularly in the small and mid-cap sector”.
Hoctor-Duncan said: “I’m pleased to leave River Global in a much better position to deal with today’s incredibly challenging market conditions for active asset managers. It is now time to wish the streamlined business and its highly talented team all the best for the future.”
On March 7, Gilbert’s asset manager AssetCo changed its name to River Global — a day after the investment firm announced its results for the year ended September 30, 2024, showing active equity assets under management amounted to £2.8 billion (2023: £2.4bn) “with the rise in assets bucking industry trends.”
Operating loss for continuing business for the year was £3.3 million, improving on the operating loss of £7.7 million for the previous year.