- Wealth manager River and Mercantile Group said that chief executive Mike Faulkner was standing down to take up another role at the company.

Faulkner would become head of macro strategies and innovation from the start of July.

He would be replaced as CEO by current deputy CEO James Barham.

'The group has made significant progress over the last five years in the development of its service offerings,' Faulkner said.

'Within this, I believe strongly that the opportunities our macro strategies represent for our business to grow will require me to be solely focused on developing and managing these along with new investment strategies to meet our clients' investment needs.'

'James and I have worked together for many years growing the business to the successful franchise it is today, and I know he is best placed to take on the role of Group CEO from me.'

'We will continue to work closely together in growing the business as we have always done.'

At 9:50am: [LON:RIV] River And Mercantile Group share price was -7p at 272p

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