Investment group River & Mercantile is planning on selling its fiduciary division in a move that will offload £43bn assets under management from the company.
Solutions, the group's specialist fiduciary manager, had been on the receiving end of "a number of approaches from external parties", the group confirmed this morning (10 August), after it was reported yesterday by Sky News that a deal was on the cards.
No information on any parties has been disclosed.
Subsequently, Lazard and Fenchurch Advisory Partners have been appointed to advise the board and will field bids for the divisions.
In a statement, River & Mercantile said that discussions are at an early stage and there is no assurance that a transaction will arise.
The prospective sale is intended to allow for the company to focus on quicker growth and profit, sources told Sky News.
In 2018, Solutions was rebranded from P-Solve in an attempt to streamline and unify the group's divisions.
The sale of the division is the first major move since veteran Martin Gilbert, who joined the board in January, invested in the group.
An initial investment by AssetCo, which Gilbert spearheaded a takeover of, was doubled in February, raising its total stake in the company to around 5.9%
Earlier this month, it was revealed that R&M had managed to retain 90% of relevant assets under management, following a review by the Competition and Markets Authority.