Hoctor-Duncan reunited with Gilbert at R&M
Alex Hoctor-Duncan: new role
UPDATE 25 May: A Standard Life Aberdeen high flyer is to be reunited with veteran fund manager Martin Gilbert at River & Mercantile.
Alex Hoctor-Duncan is leaving Standard Life Aberdeen where he is global head of funds business Aberdeen Standard Investments.
He will become executive director responsible for strategic development at River & Mercantile Group, the London-listed firm, where Mr Gilbert, former co-CEO at Standard Life Aberdeen, is deputy chairman.
The appointment is expected to take effect later this year following the conclusion of his contractual responsibilities.
Mr Duncan’s arrival will come nearly five months after Mr Gilbert was appointed as R&M’s deputy chairman.
AssetCo – a cash shell that Mr Gilbert has assumed control of as his main corporate vehicle with a view to pursuing consolidation across the asset management sector – holds a stake of nearly 6% in R&M.
In a statement on Tuesday James Barham, Group CEO of River and Mercantile said: “I am very excited that Alex will be joining us. He has a long, proven track record in the industry and will bring a perspective to our strategic development that will fit in well with our ambitions to take River and Mercantile forward to the next stage.
“The momentum within the business is noticeable as the investment we made in distribution and in new investment teams make an impact in particular in our Solutions and Wholesale businesses. I look forward to welcoming Alex to the board.”
Mr Hoctor-Duncan said: “I am enormously excited to be joining River and Mercantile to focus on developing its strategy and future growth. I was attracted by the developing opportunities for the Group in terms of building further on the highly regarded Solutions business and the internationally recognised team in RAMAM.”
The group said it continues to trade in line with expectations. It has seen additional Fiduciary and Derivative success and since the beginning of the calendar year has now won £3bn of new mandates with IMA’s under negotiation. Alongside this the group is seeing a strong recovery in the wholesale business which in combination with the Fiduciary and Derivative wins, positions the business well for FY2022.
Sky News claimed Mr Hoctor-Duncan had been poached Mr Gilbert in a move likely to irritate SLA.
A source close to R&M insisted that Mr Gilbert had not been instrumental in Mr Hoctor-Duncan’s appointment.
It is the latest high profile hire involving Mr Gilbert this week following the appointment of Gary Collins as head of distribution to assist boost Saracen Fund Managers. The Edinburgh firm was acquired in a £2.75m deal earlier this month by AssetCo where Mr Gilbert is chairman.