The Channel Islands inv- estment manager has cut ties with Dawnay Day after a five-year affiliation.
DDM, which has £600m of assets under manage- ment, was founded in 1997 by Robert Milroy. It signed a licensing agreement in 2002 to use the Dawnay Day name but remained managed and owned from the Channel Islands.
Half the company was previously owned by the management and the remaining 50 per cent stake was held by private sharehold- ers and investors in the Channel Islands.
The buyout of the remaining shareholders is being led by Milroy and joint managing director Paul Meader, with funding from the management team.
Corazon says it plans to focus on long-term expansion which includes open- ing a new office in Geneva and launching a series of new products.
Co-managing director Robert Milroy says: “Our ability to execute a management buyout at this time when markets have been in such turmoil is testament to the stability created by an absolute return approach to investing. We have preserved and enhanced capital over the bear market cycle and, in so doing, created strength in our business and value for clients and stakeholders alike.”