Tenon Group has announced it will launch an asset management business, confident it can spot the best opportunities during economic downturns.
The AIM-listed UK accountancy firm, which has a financial adviser arm, is set to apply for FSA authorisation for Tenon Capital Management (TenonCap) which, it says, will seek to invest in companies where it can identify “routes to exit”. Its first fund, the unregulated T-Fund, will invest in “distressed” businesses with turnaround potential and turnovers of between £5m and £30m. Tenon says the vehicle aims to offer “profitable exits” for its investors, adding it anticipates it will be made available to institutional investors via IFAs. Up to £1.5m will be invested in TenonCap by its pare...
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