Forsyth has hired three UK equity specialists from Morgan Stanley Quilter
As part of a drive into the UK market place, Forsyth Partners has hired three UK equity specialists from Morgan Stanley Quilter. Dan Cheeseman is to become head of UK investments alongside two of his senior colleagues, Jackie Beard and Paul Carne.
Cheeseman will manage the two UK fund of funds recently launched by Forsyth in its Dublin-based umbrella: the Forsyth Sterling Global Balanced Fund and the Forsyth Sterling Global Growth Fund. These are both designed for UK-based investors and their launch coincides with the relaunch of the Discretionary Portfolio Management Service.
Bear, who co-managed investment portfolios in Quilter with Cheeseman, will continue to work with him while being involved in an investment role for the Discretionary Portfolio Management Service. Beard will be responsible for maintaining communication with IFAs and asset managers.
Meanwhile, Carne will be joining Forsyth on the quants side, helping the data analysis Forsyth carries out on funds.
The company has so far provided services to non-UK companies, but with the rising popularity for fund of fund services, it has contemplated an opportunity in the UK market.
Paul Forsyth, chief executive at Forsyth Partners, said: 'To date we have built a reputation in the offshore funds and fund of funds market and the research we conduct is in the same markets. However, we found that more UK institutions are embracing 'open architecture' structures and the demand for fund of funds in the UK is rising. With 10 years' experience in the provision of fund of funds, we have something to offer the UK market and it seemed natural to move into this market.
'Our research has proved solid and investors can see this from our public fund of funds performance. We recognise that UK investors like to have UK investments in their portfolio hence we have launched two sterling-denominated funds, the Sterling Global Growth and the Sterling Global Balanced Fund. The funds are tailored for clients through our Discretionary Portfolio Management Service and are available through IFAs and asset management companies,' he added.
However, Forsyth warned: 'Research is not enough to ensure the success of our entry in the UK market and we have to enhance our qualitative approach by providing the right resources, hence the new appointments. All the new recruits have substantial experience in the area and Jackie, who has good contacts with IFAs, will help us build a durable relationship with the IFA market.'
Forsyth explains that one way an IFA makes money in the international market is through a trailer fee, so Forsyth made it an objective to set up a competitive trailer fee of 0.75% to 1% with an entry fee of 0.5% in order to target the market.
Forsyth recently combined its research and investment management departments and Cheeseman will be heavily involved in formalising some of Forsyth's research on UK unit trust and Oeics.
'We are looking at the possibilities of launching an Oeic in the UK,' said Forsyth.
The Forsyth Discretionary Portfolio Management Service is offered through Forsyth Investments in Jersey. The service is available to asset managers and IFAs with individual client portfolios in excess of $1m. Client portfolios consist of combinations of offshore funds and unit trusts tailored to the specific requirements of the investor.
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