Listed asset manager River & Mercantile has announced the appointment of Alex Hoctor-Duncan, global head of Aberdeen Standard Investments, to the board as an executive director, responsible for strategic development.

His arrival there will come nearly five months after Mr Gilbert was appointed as River & Mercantile’s deputy chairman.

According to a report by Sky News, the decision to poach Mr Hoctor-Duncan is likely to irritate Standard Life Aberdeen, although industry executives said the appointment of Rene Baumann and Chris Demetriou as regional heads of ASI had driven a structural change in the firm's distribution model, lessening the potential impact of Mr Hoctor-Duncan's exit.

James Barham, Group CEO of River and Mercantile said: "I am very excited that Alex will be joining us. He has a long, proven track record in the industry and will bring a perspective to our strategic development that will fit in well with our ambitions to take River and Mercantile forward to the next stage. The momentum within the business is noticeable as the investment we made in distribution and in new investment teams make an impact in particular in our Solutions and Wholesale businesses. I look forward to welcoming Alex to the Board."

Jonathan Dawson, RMG's Chairman, said "We are delighted to appoint Alex to the board. He has had an outstanding 25 year career in the asset management industry, mainly at BlackRock and its precursor companies in the UK, and most recently in his current role as Global Head of Aberdeen Standard Investments where he was responsible for its strategy and growth plan. He will provide a significant boost to our Group enabling us to advance our ambitious growth strategy."

Alex Hoctor-Duncan said: "I am enormously excited to be joining River and Mercantile to focus on developing its strategy and future growth. I was attracted by the developing opportunities for the Group in terms of building further on the highly regarded Solutions business and the internationally recognised team in RAMAM."