Henderson's Bill McQuaker, Schroders' Andrew Yeadon and Sarasin's David Vickers have been selected to run funds for IFA Foster Denovo's new investment company, Sequel.
It has been launched as a joint venture with Allium Capital and will give Foster Denovo's clients access to top-end managers at institutional fee levels.
The company will offer three funds- Sequel Cautious, Balanced and Adventurous-which will be managed by Vickers, Yeadon and McQuaker, respectively.
Each fund will be managed within specific risk constraints determined by a joint risk committee which will include a number of Foster Denovo's partners, Sequel, Allium Capital and an independent 3rd party.
If the committee deems the risk level to have stepped outside the specified parameters of the fund it has the discretion to sack the manager and appoint another, although sales and marketing director, Toby Denne, says this would be a last resort.
"What is more important about this is the fact when investors are normally not pleased with the performance of a fund the onus is on them to move their money and incur the costs," says Denne.
He also points out the SMARTfund structure supplied by Præmium brings clients and advisers more clarity over the underlying assets in each fund. It will also allow adviser charging, agreed with individual customers, in line with the RDR proposals.
Foster Denovo recently launched an insurance division which aims to provide business and personal insurance policies to both new and existing clients. The firm says the division will work closely with its existing IFA services to ensure it has a complete understanding of a client's needs.
Caring for children and elderly relatives
Similar to June 2007
Square Mile’s series of informal interviews
Fine reduced to £60,000
Two roles created