High-profile hedge fund manager Crispin Odey is bringing his wealth management capability to the UK market.
Odey, who believes the current crop of bloated wealth managers are giving a "raw deal" to clients, is aiming to counter this by offering a proposition with a flat fee of 1%.
Launched to offshore private clients in 2008, Odey Wealth Management is now bringing this often contrarian approach to UK investors.
Odey recently launched a balanced managed fund for the retail market, which uses the expertise of the wealth management arm.
Working alongside Odey will be former Rothschilds manager Peter Martin and former BarCap strategist Tim Bond.
"I'm calling an end to the raw deal served up by many providers in the wealth management industry. The big bank model died in 2008," Odey says.
"Too many so-called professional investors embrace mediocrity by seeking consensus views that starve private clients of performance whilst lining the managers' pockets with high and often hidden charges.
"In addition, the fund of funds approach to wealth management has been outed as expensive, opaque and sub-optimal. The platform model is similarly doomed. Private clients want to buy a fund manager's judgement not an endless choice of ways to lose money."
Odey also hit out at the "lazy thinking" of index-relative returns.
"Our proposition will attract those private investors seeking long term wealth enhancement and long term relationships powered by a leading fund manager's conviction," he adds.
"Investment styles need to adapt as opportunities change. Living in investment denial must be avoided - if an investment is not working, we won't wait until it does."
Minimum investment will be £416,000.
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