Former Portfolio director Richard Timberlake has set up an investment boutique which will provide in...
Former Portfolio director Richard Timberlake has set up an investment boutique which will provide investment advice to his previous former employer's product range and also launch its own fund of funds.
Timberlake, along with Peter O'Connor, also ex-Portfolio and Paul Kim, who was a fund of funds manager at Old Mutual, have set up IMS. This will advise on some £150m in Portfolio fund of funds and a further £310m in institutional money.
The boutique is seeking to sign up a small number of clients, targeting a major building society, a European bank and major Asian institution, Timberlake said.
He added: "In setting up my own manager selection boutique I plan to use the experience I gathered from Portfolio as well as setting up Fund Research. In recent years I've concentrated on the practical side of research, when to buy and when to sell. In the past I've misjudged the market timing and I've been cautious. With these mistakes and the experience of Fund Research behind me, we thought it was appropriate to start our own vehicle."
O'Connor will be head of investment for IMS and work with Timberlake on asset allocation while Kim is to be research director and will work with Timberlake on management selection.
As a sideline IMS will also launch a fund of funds project, targeted at high net worth clients but not necessarily through the IFA market. Timberlake said: "This is how we got Portfolio started. If this fund has a record like the last one it could grow quite big."
Portfolio Fund of Funds, now in the Balanced Managed sector, returned 25% over one year and is ranked third out of 55 funds in the sector.
Banned for a total of 34 years
Self-administered pensions reported net investment £4.7bn in Q2
Was responsible for IT and transformation
There are 1,840 asset management firms with £8trn AUM
Also unveils trust IPO raised £100m