River and Mercantile has announced Matt Hudson will be joining its UK equity income team next month following the resignation of Dan Hanbury.
Hudson (pictured) will become lead manager of Hanbury’s former fund, ES River and Mercantile UK Equity Income, assisted by Anna Pugh as alternate manager. Pugh has worked on the fund for four years.
Hudson left Schroders in early 2020 following a period of underperformance on his UK Opportunities and UK Alpha Income funds that was highlighted in the asset manager’s first value assessment report.
He had spent seven years at Schroders and a further 12 years at its subsidiary Cazenove Capital. In total, he has spent two decades managing UK equities.
In a statement, R&M’s new chief executive Alex Hoctor-Duncan said: “Great investment performance ultimately comes from supporting skilled individuals who love what they do and the place they work. As we build and invest in the R&M platform, retaining our culture is key.
“We are a genuine, team-based investment boutique, with a great environment and talented people. This creates a rewarding place to be an investor.”
Hudson said he looked forward to joining R&M as it “embarks on its next chapter”. “The rigour of the investment process and the team culture are highly regarded in the industry, and I am looking forward to working with my new colleagues as we bring a renewed focus to the UK Equity Income fund.”
In January, Martin Gilbert’s vehicle Assetco bought the asset manager in a £98.8m deal after Premier Miton backed down from making a potential offer.
Pugh said she looked forward to Hudson bringing his investment experience to the team. “The team is excited about the future, and it will be great to have Matt on board to be part of this.”