Martin Gilbert’s AssetCo has confirmed that it is to acquire investment manager River & Mercantile Group (RMG).

Asset manager Premier Miton has withdrawn from acquisition discussions with rival River & Mercantile.

The FCA has warned that four asset management firms - Artemis Investment Management LLP, Hargreave Hale Ltd, Newton Investment Management Limited and River & Mercantile Asset Management LLP - may have broken competition law.