River Global is pleased to announce that the Acquisition of Devon Equity Management took place on Monday 6 October 2025.
River Global is pleased to announce that the Acquisition of Devon Equity Management took place on Monday 6 October 2025.
Devon Equity Management is an independent fund management company founded in November 2019 by Alexander Darwall, Luca Emo Capodilista and Richard Pavry, formerly colleagues at Jupiter Asset Management. Devon invests in European equities on behalf of its clients, European Opportunities Trust PLC (a FTSE 250 investment trust, "EOT) and an institutional client. Current assets under management amount to c.£841m (as at 26 September 2025). The portfolio management team's investment style is equity long-only with a concentrated, high conviction portfolio consisting of between 25 and 35 positions. Alexander Darwall, the Chief Investment Officer of Devon, has managed European equities since 1996 and EOT since its launch in November 2000. The annualised NAV total return for EOT from launch to 31 May 2025 was 10.5 per cent. per annum (source: Devon, dividends reinvested), which compares with 6.2 per cent. per annum total return for EOT's benchmark, the MSCI Europe Index. Alexander previously saw considerable success in leading the growth in Jupiter's European equities funds business to over £12 billion prior to his move to Devon (source: Devon).
In its financial year ended 31 December 2024 Devon generated an operating profit of £2.1 million from gross revenues of £8.6 million and net assets of £3.0m. Despite a reduction in assets under management due in part to a tender offer implemented in June 2025 by EOT, Devon is projected to be profitable in its current financial year. After adjusting for the exceptional costs of the Acquisition, the acquired business is expected to be earnings enhancing for River Global after the first full financial year. It is intended that Devon will be integrated with River Global's existing business and operations during the course of the first year and that synergies from that process will deliver meaningful cost savings for the enlarged River Global group.
As part of the arrangements agreed in connection with the Acquisition, River Global is pleased to announce that Simon Troughton (the Chairman of Devon) has been appointed to the board of River Global as a non-executive director and Richard Pavry (the Chief Executive Officer of Devon) has been appointed to the board of River Global as Executive Director, each appointment to take effect from Admission.
River Global is also pleased to announce that Alexander Darwall (Chief Investment Officer of Devon) will on Admission be appointed as Co-Head of European Equities for the Enlarged Group alongside Charlie Southern (Senior Fund Manager at Devon).
Luca Emo Capodilista, a founder of Devon alongside Alexander Darwall and Richard Pavry will also continue in a senior role within the enlarged River Global group.
Martin Gilbert, Chairman of River Global, commented:
"We are delighted to announce the acquisition of Devon Equity Management which sees Alexander Darwall and his team join the River Global Group. Alexander is an outstanding conviction asset manager with an enviable reputation in the industry, and this transaction brings River Global a strong European Equities franchise at a time when this asset class is of real interest. It is a particular pleasure to welcome European Opportunities Trust as another fund client of the group. I am also delighted to welcome Simon Troughton and Richard Pavry to the Board of River Global PLC."
To read the full RNS announcement, click here
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This document has been prepared by River Global Investors LLP (“RGI”). RGI is authorised and regulated in the United Kingdom by the Financial Conduct Authority (Firm Reference No. 453087) and is registered in England (Company No. OC317647), with its registered office at 30 Coleman Street, London EC2R 5AL. The value of investments and any income generated may go down as well as up and is not guaranteed. An investor may not get back the amount originally invested. Past performance is not a reliable guide to future results. Changes in exchange rates may have an adverse effect on the value, price or income of investments. This article does not constitute an investment recommendation and should not be used as the basis for any investment decision. Opinions, estimates and projections in this article constitute the current judgement of the author as of the date of this article. Please note that individual securities named in this article may be held by the Portfolio Manager or persons closely associated with them and/or other members of the Investment Team personally for their own accounts. The interests of clients are protected by operation of a conflicts of interest policy and associated systems and controls which prevent personal dealing in situations which would lead to any detriment to a client.