10th Aug 2021 08:46
(Alliance News) - River & Mercantile Group PLC on Tuesday confirmed a Sky News report that it is in discussions over the sale of its fiduciary division, known as Solutions.
The advisory and asset management firm said it has received "a number of approaches from external parties expressing interest in acquiring its Solutions business".
It has appointed Fenchurch Advisory Partners LLP and Lazard & Co Ltd to advise the board.
Shares in River & Mercantile were 8.4% higher at 227.63 pence on Tuesday in London.
Sky News on Monday reported that the company wants to partially disband to focus on quicker growth and profitability, citing "city sources".
https://news.sky.com/story/fund-manager-river-and-mercantile-plots-sale-of-solutions-arm-12377514
River & Mercantile said talks are at an early stage, and there is no assurance that a deal will be struck.
However, it is thought that an update to investors will be issued as soon as Tuesday to confirm the prospective sale.
By Josie O'Brien; [email protected]
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