River and Mercantile Group (RMG) has proposed returning £180m to shareholders following the completion of the sale of its UK solutions business to Schroders.
The company announced the sale of its UK fiduciary management, advisory and derivatives business on 26 October for £228m. On Wednesday (24 November) the company said it planned to return £180m of that to shareholders, with the remainder to be retained to support its future growth strategy. The UK solutions division had £42bn of assets under management as of 30 September 2021. The sale is subject to the approval of the company's shareholders at a general meeting, which will be held on 13 December. This move comes following news earlier this week of a bidding war between Premier Mito...
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