River & Mercantile has recruited Alex Stanic from Newton to run a global fund for the group.
Stanic 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 period at Newton.
Mark Thomas, the managing director of River & Mercantile, says that a further three or four appointments will be made when Stanic arrives to build a global equity team.
If all goes to plan, 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,” says Thomas.
He adds that the British equities team at River & Mercantile follow the Potential, Valuation and Timing (PVT) investment philosophy but that 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 as well as being manager on its Global Opportunities, Global Equity and Global Intrepid funds.
Newton says the funds will be managed by Paul Markham and will continue to be run using the same thematic investment process.
Over 12 months to March 1 the Newton Global Opportunities fund posted a loss of 26.90%, compared with the Global Growth sector average loss of 25.77%, according to Morningstar.