Global equity manager Alex Stanic has resigned from River and Mercantile after huge outflows from his underperforming funds.
Mr Stanic had been head of global equities and manager of the firm’s Global Equity, Global Opportunities, Global High Income and Overseas Equity funds since joining from Newton Investment Management.
The FCA register indicates that he left River and Mercantile on January 26.
River and Mercantile have closed his funds and have instead launched a Global High Alpha fund to be managed by Hugh Sergeant alongside his World Recovery and UK equity funds.
The global equity team is in process of being wound down and the institutional mandates transferred to other managers.
Mr Stanic had struggled since joining River and Mercantile, delivering returns below his MSCI AC World index and IA Global sector average in one, three and five years on the Global Equity and Global Opportunities funds, according to FE Analytics.
The assets in both funds had plunged in the past year, the Global Equity fund dropping from £122m to less than £1m in December.
The Global Opportunities fund also lost two significant backers last year, falling from £170m to £37.9m.
Analysts at Numis Securities said the global equities team had also suffered redemptions from its institutional business, with an outflow of £200m already since the start of 2015, leaving around £300m of assets left in retail and institutional mandates.
