OPM Fund Management has upped the ante in its ongoing battle with Octopus Investments over rights to the acronym OPM.
The group told clients today it has now written to Octopus asking it to stop using 'OPM' to describe its Octopus Portfolio Manager discretionary investment service.
Identity confusion arose late last year when Octopus launched the service, run by its fund of funds team, using OPM in promotional material on its website. At the time, OPM Fund Management took legal advice on its position.
Today, Richard Carswell, OPM Fund Management's business development manager, told clients: "We have written to advise Octopus that their use of OPM is an infringement of our registered trademark.
"We have asked Octopus to stop using the OPM initials in the promotion of their product, because of the potential for confusion in the multi-manager market. We are doing all we can to stop this happening in the future."
Carswell tells Investment Week: "This kind of thing happens from time to time and there is confusion for everybody, so the sooner you can resolve these problems, the better."
Sharon Makin, a spokesperson for Octopus, says: "We are fully aware of this issue and we are consulting with our legal team. We want to settle this amicably and we are co-operating fully while we speak with our legal team."
Achievements, charity work and other happy snippets
'A win for advisers'
Unconstrained multi-asset fund managed by Talib Sheikh
Who made the cut?
Transferring out of DB scheme