Former Liontrust founder James Barham will take over as chief executive of River and Mercantile as the firm looks to put its troubles of recent months behind it.
Barham is currently deputy chief executive of River and Mercantile, and will step up to the role of chief executive at the start of next month.
Barham, a Royal Military Academy Sandhurst graduate, was part of the team that founded and floated Liontrust Asset Management in 1995, and has been with River and Mercantile since 2006.
Current chief executive Mike Faulkner will step aside to focus on developing macro strategies at the firm, remaining on the board as an executive director and taking on the title of group head of macro strategies and innovation.
Barham says: “It is a great honour to take on the chief executive mantle from Mike. Aside from a long-term friendship we have always been indistinguishably aligned in terms of our ambitions for River and Mercantile and share an equal passion for its continued growth and development. Alongside the executive team, we will
continue to drive the business forward as part of our ambition to provide best-in-class outcome-led solutions for our clients.”
While the change of leadership comes as part of the firm’s long-term succession plan already drawn out, it comes at a tough time for the firm, having been fined for competition law breaches earlier this year by the FCA.
In other appointments news this morning, wealth manager WH Ireland has announced that the FCA has green-lighted the appointment of its new finance director, Philip Tansey, who was formerly finance director at Panmure Gordon.
WH Ireland chief executive Philip Wale says: “We are delighted that Philip has agreed to be a director of the company. Philip brings a wealth of experience that will be valuable to WH Ireland as we continue on the path towards profitability.”