River and Mercantile Group PLC Notification of Portfolio Manager Changes (1700E)
07 February 2018 - 8:32PM
UK Regulatory
TIDMRIV
RNS Number : 1700E
River and Mercantile Group PLC
07 February 2018
7 February 2018
LEI: 2138005C7REHURGWHW31
River and Mercantile Group PLC ("the Company")
The Company announces that portfolio manager Philip Rodrigs has
today left its subsidiary, River and Mercantile Asset Management
LLP (RAMAM), following an investigation into a professional conduct
issue.
Philip Rodrigs left on Wednesday 7 February 2018. He was
previously lead manager of the River and Mercantile ('R&M') UK
Equity Smaller Companies Fund, the R&M UK Dynamic Equity Fund,
and the R&M UK Micro Cap Investment Company Limited. In each
case the principal portfolio management responsibility has passed
to an alternate manager within RAMAM's successful 'PVT' team in
accordance with its well established succession plans.
The conduct issue was unrelated to his portfolio manager
responsibilities and has not impacted the pricing or NAV of any
RAMAM fund and no client or investor has been negatively affected
in connection with this matter.
James Barham, Chief Executive Officer at RAMAM, said:
"It is disappointing to have to take this course of action but
we have acted swiftly to ensure that the portfolios continue to be
managed in line with our PVT investment philosophy and process.
This will ensure that we continue to deliver market leading
investment returns for our clients."
The R&M UK Equity Smaller Companies fund will now be managed
by Dan Hanbury, who previously ran this fund prior to Philip
Rodrigs' appointment in September 2014; the multi-cap R&M UK
Dynamic Equity Fund will be managed by William Lough, in addition
to his continuing responsibilities as alternate to Hugh Sergeant on
RAMAM's High Alpha and Recovery strategies; and management of the
R&M UK Micro Cap Investment Company Limited will pass to the
alternate manager on this portfolio, George Ensor.
Hugh Sergeant, RAMAM's Chief Investment Officer for Equities,
said:
"River and Mercantile Asset Management has consistently
generated excellent returns for its clients over the past 11 years
and this is in large part due to the strength and effectiveness of
the philosophy and process we created when we set up the business
in 2006. With this robust process in place, alongside the depth and
breadth of experience we possess within the PVT team, we're
confident that this change in the team's structure can be
comfortably absorbed with no adverse impact to the funds'
management."
The PVT philosophy, named from the three key criteria the team
apply in seeking out investment opportunities - Potential,
Valuation and Timing - involves a proprietary quantitative tool
that analyses a global universe of stocks and filters out only the
most promising opportunities for further fundamental analysis by
the team.
The information communicated in this RNS is inside
information.
For further information please contact:
River and Mercantile Group PLC +44 (0)20 3327 5100
James Barham, CEO RAMAM
Chris Rutt, Deputy Chief Financial Officer and Investor
Relations
This information is provided by RNS
The company news service from the London Stock Exchange
END
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