Buxton Steps Down as Merian CEO

Richard Buxton is stepping down as chief executive of Merian, formerly Old Mutual Global Investors, to focus on fund management

Emma Wall 8 January, 2019 | 11:05AM

Richard Buxton steps down as Merian CEO

Richard Buxton is stepping down as chief executive of Merian Global Investors, effective immediately, to focus on fund management. Merian was formerly known as Old Mutual Global Investors and rebranded following a management buy-out headed by Buxton in June last year.

Buxton was appointed CEO of OMGI in August 2015. Some analysts were concerned at the time that the position would distract him from his role as a UK equities fund manager.

Merian has confirmed Buxton will be succeeded by Mark Gregory, subject to regulatory approval. Buxton will remain head of UK equities and manager of the £1.8 billion Silver Rated Merian UK Alpha Fund.

Merian today confirmed: “Following an orderly handover of responsibilities, Richard will step down from the business’s executive committee. However, as a major shareholder, he will continue to be involved in the firm’s development via his position on its board.”

Morningstar fund analysts previously stated that although the CEO role does involve some additional responsibilities and demands on Buxton’s time, they took comfort from the support he enjoys from senior investors in the UK team, particularly Errol Francis and Ed Meier, with whom Buxton previously worked at Schroders.

“Richard Buxton is a highly experienced UK equity manager who has successfully blended bottom-up stock research with top-down macro analysis during a career that spans more than 30 years,” say Morningstar fund analysts.

“He joined OMGI in June 2013 but has managed this fund since December 2009, having initially run it on an outsourced basis while he worked at Schroders. His vast experience includes over 20 years as a UK equity fund manager at Barings and Schroders, and he managed the highly successful Schroder UK Alpha Plus fund from its launch in 2002 until 2013.”

Mark Gregory has held the position of independent non-executive director at Merian since October, and has more than 20 years experience in financial services including 19 years at Legal & General Group.

Buxton says of the move: “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.

“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.”

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Merian UK Alpha R GBP Acc1.55 GBP1.60

About Author

Emma Wall

Emma Wall  is Senior International Editor for Morningstar