Clerical Medical's investment management division is being rebranded as a separate division to the l...
Clerical Medical's investment management division is being rebranded as a separate division to the life office and a huge expansion project is under way in a drive to attract around £8bn per year from both the institutional and retail sectors.
HBOS, the group behind Clerical Medical, says it is redefining the asset management arm and its branding, with the intention of bringing in £100bn worth of business over three years, by building on the team and assets created by the merger of Halifax, Equitable Life and Clerical Medical's investment teams over the last 12 months.
Gary Mairs, managing director of the currently unbranded division, says the aim is to launch Clerical's new retail asset company next summer, however, launch of the new company name is set for Q1.
Products will be targeted at intermediaries, stockbrokers, accountants and discretionary managers, says Mairs, and the intention is to build its name as an investment firm for high net worth private investors but without affecting the international division's business potential.
"We're pursuing an aggressive strategy for the institutional and retail markets. We anticipate offering specialist offering for the retail product, to include private equity, small caps and large caps funds, and we will be looking at niche institutional product offerings, but we have no plans to move into the hedge funds market," says Mairs.
An additional 150 staff are being recruited alongside the existing 250-strong team, says Mairs, who was brought in four weeks ago, alongside Dougie Ferrans - previously at Britannic Asset Management - who joined Clerical in June, and Michael Deakin, ceo.
A chief operating officer and fourth board member is currently being recruited and work is now under way to create the marketing and structure of the new company.
Mairs says institutional funds - which already make up £7bn of CMIM's assets - are expected to be focused on UK equities, UK and European Bonds and UK property.
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