River & Mercantile has hired former Aviva Investors boss and Barings executive John Misselbrook to head a new risk management committee, following the firing of star manager Philip Rodrigs.
The business said it fired Citywire AA-rated Rodrigs – one of the leading UK small cap stars of his generation – after unspecified conduct issues were uncovered by enhanced systems installed following a Financial Conduct Authority investigation into the business in 2017.
Chief executive Mike Faulkner said: ‘I am very pleased that John has agreed to join our board.
‘He brings a great deal of experience in financial services and asset management to our already strong board. I believe he has a great deal to add as we continue to achieve strong growth in our business, and we are all very much looking forward to working with him.’
Misselbrook served as interim chief executive of Aviva Investors in 2013/2014 and served as chair of the company until last year.
He previously spent a decade as chief operating office at Barings, and is currently chair of the risk and remuneration committee at Brown Shipley.
He will become a non-executive at R&M and will chair the newly formed risk committee, which will be split from the former audit and risk committee. Angela Crawford-Ingle will continue to chair the latter, renamed the audit committee.
Rodrigs has told the Times he was taking legal advice and disputed R&M’s decision to fire him. The business had earlier upgraded its monitoring and supervision systems.
That in turn followed the launch of a Financial Conduct Authority probe into whether seven UK fund houses, including R&M, had broken competition law by colluding to fix prices at an IPO.
R&M stressed the dismissal of Rodrigs was not linked to the FCA probe.