Note: This story was updated at 3.30pm.
River & Mercantile has hired Newton’s Alex Stanic to run a global fund for the group.
He will join as head of global equities, an area the firm has always planned to expand into, in mid-June after completing his three-month notice.
Mark Thomas, the managing director at River & Mercantile, says a further three or four people will be recruited when Stanic arrives, to build a global equity team. The aim is to launch a global equity product by the fourth quarter.
“We are absolutely delighted that Stanic has joined us: he is a well-known and well-respected name in the retail world, and is also big in the institutional market.”
He adds that the British equities team at River & Mercantile follow the Potential, Valuation and Timing (PVT) investment philosophy but it will be up to Stanic and his team to run money in their own style.
At Newton, Stanic was responsible for a team running £10.5 billion in global equities and was also manager on the Global Opportunities, Global Equity and Global Intrepid funds.
Newton says the funds will be run by Paul Markham, their alternate manager, and will continue to be managed using the same thematic investment process.
Over the past year to March 1, 2009, the Newton Global Opportunities fund fell 26.90%, compared to the Global Growth sector average loss of 25.77%, according to Morningstar.