Martin Gilbert’s asset management firm River Global has agreed to acquire Devon Equity Management Limited for up to £2.46 million in shares.
Devon Equity Management has assets under management of £835 million.
As part of the acquisition, Devon chairman Simon Troughton will join the River Global board as a non-executive director. Devon CEO Richard Pavry will join the River Global board “in an executive capacity” and Alexander Darwall, Chief Investment Officer of Devon, will be appointed Co-Head of European Equities for the combined group, alongside Charlie Southern, currently Senior Fund Manager for Devon.
Luca Emo Capodilista, a founder of Devon alongside Alexander Darwall and Richard Pavry, will also continue “in a senior role.”
River Global said: “Devon is owned by certain members of its senior management team who as part of the transaction will receive 16.67m A Ordinary Shares in the company and a further 24.33m A Ordinary Shares in the Company (the Deferred Equity Consideration) on 16 June 2026, both at an issue price of 6.0p for each A Ordinary Share.
“The equity consideration represents up to £2.46m in total. The Deferred Equity Consideration is dependent upon revenue generated from the acquired business at the time the consideration falls due.
“In addition, the heads of terms include certain other cost commitments for the acquired business in the first year and also entitle the Sellers to withdraw surplus regulatory capital. Devon will meet its own costs in the transaction.
“In its financial year ended 31 December 2024 Devon generated an operating profit of £2.1 million from gross revenues of £8.6 million and net assets of £3.0m.
“Despite a reduction in assets under management due in part to a tender offer implemented in June 2025 by its investment trust client (European Opportunities Trust PLC) Devon is projected to be profitable in its current financial year.
“After adjusting for the exceptional costs of acquisition noted above, the acquired business is expected to be earnings enhancing for River Global after the first year.
“It is intended that Devon will be integrated with River Global’s existing business and operations during the course of the first year and that synergies from that process will deliver meaningful cost savings for the combined group …”
Martin Gilbert, Chairman of River Global, said: “We are delighted to have agreed terms to acquire Devon Equity Management and for Alexander Darwall and his team to join the River Global Group. Alexander is an outstanding conviction asset manager with an enviable reputation in the industry.
“Alexander and his team will put River Global properly on the map for European Equities at a time when the asset class is coming back into favour.
“With our expertise and strong relationships in the closed end fund space we intend to deliver improved services and benefits to Devon’s client in that sector, European Opportunities Trust PLC.
“I also look forward to welcoming my erstwhile Chairman from the Aberdeen Asset Management days, Simon Troughton, and also Richard Pavry to the Board of River Global PLC.”
Alexander Darwall, Chief Investment Officer of Devon Equity Management, said: “We are excited at the prospect of joining River Global and bringing a new and complementary skill set to the team there.
“Joining the River Global platform will allow us to share significant operational synergies, to benefit from the shared investment expertise and insight which the wider investment team at River Global brings and to take our investment capabilities to new clients and markets.
“We are committed to delivering the very best outcome for both current and future clients. The consolidated business has excellent and exciting prospects for the future and I am committed to playing my role in turning those into reality as we move forward together.”