Campbell Fleming, CEO of AssetCo, the majority stakeholder in Rize ETF, will step down from the business at the end of this month for personal reasons.
Fleming, who joined the board of Rize ETF in February, said he took the decision “after an extremely demanding 20 months” helping to integrate the asset management holding company.
He will not be replaced directly, with executive chairman Martin Gilbert and chief financial and operating officer Gary Marshall sharing responsibilities.
Gilbert will focus on the strategic direction of the business while Marshall oversees day-to-day operational capacities.
Alex Hoctor-Duncan, CEO of AssetCo’s principal operating company, River and Mercantile, is assuming additional responsibilities as the firm aims to integrate its active equities businesses under that brand.
The news comes a week after AssetCo’s half-year results revealed the firm would write down the value of its majority-owned thematic ETF business, Rize ETF, by £5m as the business remains “materially behind plan”.
The results added Rize ETF’s thematic focus has been hampered by Russia’s invasion of Ukraine and “subsequent market jitters”.
Fleming oversaw AssetCo’s formation after taking up the mantle of CEO in October 2021.
Previously, he spent five years as global head of distribution at Abrdn, overlapping with Gilbert’s tenure at the firm.
He has also operated as CEO Columbia Threadneedle Investments, head of UK for JP Morgan Asset Management and chairman of The Big Exchange. He joined Ruffer’s board in July 2021.
Commenting on Fleming’s departure, Gilbert said: "On behalf of the board, I would like to thank Campbell for his contribution to the development of AssetCo.
“The board and I are grateful to Campbell for his efforts and hope to continue our long association with him in supporting and guiding some of our underlying businesses."
Fleming added: "It was the right business and personal decision to step down after an extremely demanding 20 months integrating the group and as I now look to pursue additional non-executive roles.
“I will continue to support, as well as remain a shareholder of, AssetCo as I believe in its strategy, team and its people who continue to deliver for our clients as shown by our results."
