Richard Buxton steps down as CEO of Merian

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Richard Buxton steps down as CEO of Merian

Merian Global Investors has announced that Richard Buxton is stepping down as CEO but will remain as head of UK equities and manager of the Merian UK Alpha fund.

Mark Gregory will assume the role of CEO, subject to regulatory approval. Gregory joined the firm's board in October 2018 as independent non-executive director having spent 19 years at Legal & General Group, with the last four years as its chief financial officer.

Gregory will be responsible for driving the growth of Merian Global Investors, ensuring it remains focused on delivering positive client outcomes and excellent service. Mark will continue to sit on the firm's board.

Buxton will step down from the business's executive committee following a handover period, but will continue to be involved in the firm's development via his position on its board.

Buxton commented:  "2018 was a momentous year for Merian Global Investors. With the management buyout and rebranding complete, I believe this is the appropriate time for me to hand over the CEO role. I am completely committed to the business and I will continue to be involved in its development, in my role on the board. Having known Mark for many years, I am absolutely convinced that he is the right person to take the business forward.

"My passion for investment is as strong as ever and I think there are some great opportunities in UK equities today. I will continue to seek undervalued and attractive businesses, while actively working with firms to improve corporate governance. I look forward to delivering long-term returns for our clients for many years to come."

Gregory added:  "I have been incredibly impressed by the Merian Global Investors team's enthusiasm for building a differentiated asset manager and I'm honoured to be taking on the role of CEO. Together with the talented executive committee, I am dedicated to delivering the business's ambitious growth plans, while maintaining the special culture cultivated under Richard's leadership."

The management buyout of the £25.7bn single-strategy business, formerly part of Old Mutual Global Investors (OMGI), completed in June 2018 following the completion of its sale to TA Associates, with a subsequent rebranding last autumn.

The single-strategy range includes funds such as the £2.1bn UK Alpha, £3.6bn UK Mid Cap and £2.9bn North American Equity and the majority of the management teams are expected to remain.

The firm also holds the majority of the voting rights, controlled by the six fund managers who led the buyout and the wider leadership team with the remainder controlled by TA Associates.

The six managers were Buxton, global equity managers Ian Heslop, Amadeo Alentorn and Mike Servant and UK equity managers Dan Nickols and Richard Watts.