Premier Miton approaches River and Mercantile about asset management merger | Business News
Premier Miton Group has approached River and Mercantile Group (R&M), its fellow London-listed asset manager, about a merger that would be the latest consolidation play in an increasingly deal-hungry industry.
Sky News has learnt that Premier Miton, which had nearly £14bn under management at the end of September, has moved to swoop on the rump of R&M following confirmation last month that it had agreed the sale of one of its two divisions to Schroders for £230m.
City sources said on Monday that Premier Miton – itself formed from the merger of two smaller fund management companies – was “serious” about its interest in a tie-up, which would be structured as an acquisition of R&M.
It was unclear whether the discussions were sufficiently advanced to oblige the two sides to confirm them in separate stock exchange announcements.
R&M’s board said the bulk of the proceeds from the Schroders deal would be returned to Schroders…
