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An upturn in Fortune

Fortune Group, the fund of hedge funds subsidiary of Close Brothers, has seen a 64 per cent increase in assets under management over the last 12 months to £700m.

The company provides advisory services and builds customised portfolios for other financial services groups in addition to its multi-manager products.

As at January 31, its assets under advice had risen to around £3bn, prompting two senior appointments.

Frank R Casey joins Fortune USA as president from US firm Benchmark Plus. Fortune says Casey built the fund of hedge funds business at Benchmark Plus almost single-handedly and hopes he will bring the same success at Fortune.

Nadia Bucci has joined as senior associate, investment advisory. She was hired to increase the advisory business in European markets such as Italy.

Chief executive Simon Hopkins says: “Fortune is unique in the sense that we do have funds of hedge funds but the bigger part has been the advisory business. Our funds of hedge funds serve as an audited record of our ability to manage money.”


CII picks duo to deal with RDR

The Chartered Insurance Institute has recruited Lorraine Cox and Mick Whatley as development managers in preparation for changes in the wake of the retail distribution review.The pair both have over 20 years experience in financial services, joining from Axa and Legal & General respectively. They join Jim Baylis, Roger Nelson and head of business development […]

Orphan cash deal warning by Aviva

Aviva says the longer that its reattribution negotiations continue with policyholder advocate Clare Spottiswoode the less likely it is that a reattribution will take place.Strategic projects director Mike Urmston says the original timetable for the reattribution of the £5bn inherited estate on the with-profits funds was to pay out some money this year but this […]

Invesco buys further £9.4m stake in AJ Bell

Invesco Perpetual has invested a further £9.4m in AJ Bell valuing the business at £107m.The proceeds are split equally between Andy Bell and management, with management and employee shareholders diluting by approximately 10 per cent. This follows just over a year since Invesco Perpetual and Midas Capital purchased £14m of shares. This transaction values the […]

Show me the money – earnings are central to performance in Europe

Equity markets globally currently remain vulnerable to sharp shifts in sentiment caused by either unexpected or unwelcome outcomes in key upcoming political events (the US and German elections, Brexit and the Italian referendum). These top-down influences, combined with the current low global growth environment, will likely lead to broadly directionless markets, and prolong the current low beta return environment. We do, though, […]


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