River and Mercantile Group PLC

What River and Mercantile Group PLC does

River and Mercantile Group PLC, operating through its subsidiary River Global Holdings (RGH) and the DBA 'River Global,' is a London-headquartered boutique active investment management firm that builds, markets, and manages a suite of equity-focused funds and closed-end investment companies. Its core offerings are River UK Micro Cap Limited (RMMC), a closed-end investment company investing in UK-listed companies with market caps under £100 million using a unique capital-return redemption facility to manage size, and the India Capital Growth Fund (IGC), a vehicle targeting long-term capital appreciation in Indian mid and small-cap equities via a Mumbai-based investment team employing bottom-up stock selection. The wider River Global Funds range sits alongside these vehicles.

The firm monetizes AUM through management and performance fees, though specific fee schedules are not publicly disclosed and were maintained at pre-acquisition levels following the Liontrust deal. Its customer base is split across two horizontal segments — UK Micro Cap Investors seeking exposure to sub-£100 million UK equities through the closed-end structure, and India Growth Investors accessing Indian small and mid-cap opportunities through local on-the-ground research. The firm serves investors via a dedicated website, social media channels, and direct phone/email contact; it publishes fund-level factsheets, performance data, holdings, and manager commentaries through Liontrust's distribution infrastructure post-acquisition.

As of 30 June 2026 the company was acquired by Liontrust Asset Management PLC, becoming a wholly-owned subsidiary. Post-acquisition, investment objectives, policies, strategies, fees, and charges remained unchanged, while the investment manager entity transitioned from River Global Investors LLP to Liontrust Investment Partners LLP on 3 August 2026 alongside a full fund and scheme rebrand. RGI Fund Management Limited (formerly SVM Asset Management Ltd) remains part of the group for regulatory purposes.

Name

River and Mercantile Group PLC

Legal name

RGI Fund Management Limited

Website

https://riverandmercantile.com

Company type

Private

Founded year

2006

Operating status

Acquired

Headcount range

51–100 employees

Short description

River and Mercantile Group PLC, operating as River Global, is a London-based boutique active asset manager running funds including River UK Micro Cap Limited and the India Capital Growth Fund for investors seeking exposure to UK micro-cap and Indian mid and small-cap equities.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Distribution channels1 record

Marketing channels3 records

Core offering

River and Mercantile Group PLC operates an advisory and asset management business offering a broad range of financial services and products. Its active investment fund portfolio includes closed-end investment companies such as River UK Micro Cap Limited (RMMC), which invests in UK micro cap companies with market caps under £100 million, and the India Capital Growth Fund (IGC), which targets Indian mid and small-cap equities through a Mumbai-based team. Following the June 2026 acquisition by Liontrust Asset Management PLC, the funds continue to operate under the same investment processes, objectives, policies, strategies, and fee structures.

Product overview

River and Mercantile Group PLC (now under Liontrust following acquisition) operates a portfolio of active investment fund products, including closed-end investment companies and mutual funds. The product suite includes: (1) River UK Micro Cap Limited - a UK micro cap investment company with unique redemption mechanics; (2) India Capital Growth Fund - focused on Indian mid and small-cap equities with on-ground Mumbai-based investment team; and (3) River Global Funds - active investment funds across various asset classes. These funds continue to be managed under the same investment philosophies and processes following the acquisition by Liontrust.

Differentiator

Problem solved

Functional benefit

Products and services

• River UK Micro Cap Limited (RMMC)

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators1 record

Recent moves3 records

Expansion highlights3 records

Direct peers

• Ashmore Group: Emerging-markets-focused active manager with deep on-the-ground EM presence. Highly comparable to the India Capital Growth Fund strategy of dedicated EM/Frontier equity exposure with local teams.
• Herald Investment Trust: UK closed-end investment trust focused on smaller and technology companies. Closely comparable to River UK Micro Cap's closed-end structure and micro/small-cap focus.
• Jupiter Fund Management: UK-listed active asset manager with comparable size, UK equity capability, and a similar active-management philosophy across multi-asset and single-strategy funds. Most directly comparable as a London-based, publicly listed UK active manager.
• Miton Group: UK smaller-companies specialist asset manager with strong focus on UK micro and small-cap equities, mirroring River UK Micro Cap's investment universe and active bottom-up approach.

Broad incumbents

• Schroders: Major UK-listed global asset manager with active equity, emerging-markets, and multi-asset capabilities — broad portfolio overlap with River Global Funds, including India equity strategies.
• Fidelity International: Large UK/European active asset manager offering global, regional, and emerging-markets equity funds — overlapping with River Global's UK equity and India strategies as part of a much wider product range.
• Baillie Gifford: Prominent Edinburgh-based active manager with a similar 'champion of active management' philosophy and growth/EM strategies that overlap with River Global's approach.
• abrdn (formerly Aberdeen Standard Investments): Large UK-headquartered global asset manager offering active equity, multi-asset, and emerging-markets funds — broad overlap with the River Global fund range but at significantly greater scale.
• Invesco UK: Large global asset manager with a substantial UK active equity and global emerging-markets product range. Comparable in product breadth, though much larger and more diversified than River Global.

Emerging players

• Matthews Asia: Asia specialist active manager with strong India and broader EM/Asia equity capability, closely comparable to the India Capital Growth Fund's geographic specialization.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights1 record

Customer concentration

• LinkedInlinkedin.com/company/river-and-mercantile-group-plc

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about River and Mercantile Group PLC