Wealth manager Heartwood has launched its investment management arm as a separate division as it looks to enter the "new and larger league" of investment managers.
Heartwood says the decision to spin-off its Investment Management division as a separate division is an acknowledgement of its key role in driving the firm's rapid growth - an expansion which has seen total assets under administration grow from just over £800m in 2007 to more than £1.3bn.
"As our increased scale propels Heartwood into a new and larger league of wealth and investment management providers, we look forward to building a stronger identity for our investment management division that is commensurate with our size," says chief executive officer Simon Lough.
Heartwood has gained increasing traction in the investment realm over the past few years, introducing a range of mulit-asset funds in addition to launching a new InVantage portfolio management and settlement system.
Its multi-asset funds have attracted more than £500m since launch in December 2009.
"Over the past three years, we have followed a clear strategy to enhance our investment proposition and this has proved instrumental in achieving record growth figures," adds Lough.
"Offering a truly integrated wealth management service will remain central to our business, and we expect many of our clients will continue to benefit from our wide-ranging services, which include tax structuring, retirement and inheritance planning."
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