Simon Smith will not join Jupiter Asset Management upon completion of its acquisition of Merian Global Investors, with the former Merian head of wholesale set to join River & Mercantile as head of wholesale UK distribution amid a raft of distribution changes for Jupiter, Investment Week has learned.
In a letter seen by Investment Week, head of UK Mark Thomas, who joined Jupiter from R&M in September, confirmed six new joiners from Merian for Jupiter's distribution team as well as a number of departures.
Joining Jupiter from Merian are directors for London John Shepherd and John Morrison; director for Midlands and Channel Islands Nick Pearse; and director for the North, Scotland, Ireland and Isle of Man David Hill.
In addition, Sebastian Oxley and Luke Matthews join as sales manager for the South East and Greater London and business development manager respectively.
Smith departs the business alongside Rupert Bonsor, Paul Faragher, David Brown and Andy Hanson, according to the email.
Thomas told investors he was "pleased to welcome so many highly regarded investment professionals to our strong and established team", bringing "a wealth of new expertise, diverse views and long-term track records that complement our existing range of products".
He added: "As a result of these changes and the appointments we have made, we have had to make some very difficult decisions about team members on both sides, and sadly this means we will be saying goodbye to some very well-liked and respected colleagues."
Smith joined Merian in 2011 from Standard Life Investments, where he served for 12 years, first as head of global financial institutions and then as head of UK wholesale financial institutions group. He has also previously worked at M&G Investments as a national sales manager.
Joining in July, Smith will take over the management of the existing R&M wholesale team and in his role will work closely with the marketing and client service groups. He will also join R&M's global distribution management team.
Global head of distribution at R&M David Hanratty said: "[Smith] brings with him a wealth of experience in UK Wholesale and has demonstrated a talent for building a successful business and driving substantial asset growth.
"We have made clear our plans to expand our distribution capability significantly and Simon's appointment represents an important milestone in these plans.
"He is held in high regard in the wholesale market and I am certain his great relationships, hands-on approach and enthusiasm will bring quick success."