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(Alliance News) - River & Mercantile Group PLC has completed the GBP230 million sale of its Solutions business to Schroders PLC, both companies confirmed on Tuesday.
The London-based advisory and asset management company was able to complete the sale after all necessary regulatory and shareholder approvals were received by larger London-based peer Schroders.
The Solutions business consists of the UK Advisory, Fiduciary Management and Derivatives business of River & Mercantile, the remainder of which is subject to a GBP99 million agreed takeover by AssetCo PLC.
The business had GBP42 billion of assets under management on September 30, it noted.
River & Mercantile intends to return the majority of proceeds to shareholders while retaining sufficient funds both to ensure that its existing business remains well capitalised and to grow its asset management business.
Separately, River & Mercantile appointed Alex Hoctor-Duncan as chief executive. He was global head of Aberdeen Standard Investments, which was part of Standard Life Aberdeen, since renamed abrdn PLC, and will replace James Barham, who transferred to Schroders with the Solutions business.
Shares in River & Mercantile were up 0.3% at 289.99 pence each on Tuesday morning in London. Schroders shares also were up 0.3%, at 3,388.00p.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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