Star fund manager launches ETF-focused boutique

Exchange traded funds will be the core focus of Alan Miller's new investment boutique Spencer-Churchill Miller Private. Two investment strategies will be offered through the boutique - one which behaves similarly to a managed pension fund with a long-term bias towards equities and the second will be an absolute return fund with a target return of cash plus 5%. Miller, former CIO and founding shareholder of New Starm set up Spencer-Churchill Miller in March after leaving State Street. The first portfolio will have a benchmark asset allocation of 70% equities, 22.5% bonds and 7.5% cash....