River and Mercantile Group, an advisory and investment manager formed by a merger between P-Solve and River and Mercantile Asset Management in March, announced its intention for an initial public offering to list and trade on the London Stock Exchange.
The £8.4 billion ($14.2 billion) group's intention to go public “offers investors a high growth, diversified investment opportunity with attractive returns underpinned by long-term client relationships,” according to a news release from River and Mercantile Group.
The IPO will raise about £12 million in new money, according to the news release. It will also “assist in the incentivization of key management and staff.” Management, which retains stakes in the business, has committed to a two-year lockup.
“In an evolving investment industry, the group is well positioned to exploit the 'pensions revolution' in which governance is increasingly a critical attribute of the client's investment strategy,” said Mike Faulkner, CEO of River and Mercantile Group, in the release.