Fund heavyweight Richard Buxton is to step down from his role as chief executive of Merian Global Investors.
Buxton (pictured) completed a management buyout (MBO) of Old Mutual Global Investors last year, with the single strategy fund business later renamed as Merian Global Investors.
It has now been announced he is stepping down from his chief executive post at Merian, with Mark Gregory taking over his position. Gregory joined Merian as a non-executive director last October and was previously Legal & General’s chief financial officer.
Despite standing down from the top post, Buxton will carry on as Merian’s head of UK equities and manager of the Merian UK Alpha fund. He will also stay on the fund group’s board and still be a major shareholder.
Buxton said: ‘2018 was a momentous year for Merian Global Investors. With the MBO and rebranding complete, I believe this is the appropriate time for me to hand over the chief executive role. I am completely committed to the business and I will continue to be involved in its development, in my role on the board.
‘My passion for investment is as strong as ever and I think there are some great opportunities in UK equities today,’ he added.
Gregory said: ‘I have been incredibly impressed by the Merian Global Investors team’s enthusiasm for building a differentiated asset manager and I’m honoured to be taking on the role of CEO.’
Back to his investment roots
Buxton joined what was then Old Mutual Global Investors (OMGI) from Schroders in 2013. He was appointed CEO of OMGI in 2015 before leading last year's MBO, which was backed by TA Associates.
Since taking on a more corporate role, Buxton, widely considered to be one of the UK's top fund managers, has marginally outperformed his UK All Companies peer group, returning 17.1% versus a sector average of 16.1%.
He has not been rated by Citywire since January 2016. Prior to this he was rated for 37 consecutive months.
Over 10 years he remains well ahead of the peer group (see graph below), returning 195.6% versus a sector average of 166.5%.