A new fund management company is being launched offering advisory firms an equity stake in the business in return for introducing their clients' assets.
Distinction Asset Management will have up to 65% of its equity owned by adviser firms, who will participate in the realisation of the firm's value when it eventually floats. The amount of equity for advisers will be dependent on the volume of assets and length of time they are managed, and DAM is aiming for a flotation on a three to five year time scale. DAM will launch with £184m under management spread across four multi-asset funds all run by Armstrong Investment Management (AIM), which is the firm created by former Insight multi-managers Patrick Armstrong and Ana Cukic Armstrong. ...
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