Skandia Best Ideas founder Alan Durrant and former F&C and Architas multi-manager Richard Philbin have joined forces to launch the new Harwood Multi Manager business.
Durrant will be chief executive of the new business, which is part of boutique investment group Harwood Capital, while Philbin will be chief investment officer.
Harwood Multi Manager, which is subject to regulatory approval, plans to launch a suite of multi-manager funds designed to define and stick to a volatility risk budget.
Durrant says: “In the post-RDR world there is an ever greater need for investors and their advisers to be provided with multi-manager funds that do exactly what they say they will.”
The firm wants to work with financial advisers, life companies, fund platforms and affinity groups that are “looking for help in furthering their own multi-manager ambitions”.
The company will be able to draw on the existing compliance, operations and dealing teams already in place at Harwood and expects to announce further hires shortly.
Harwood chief executive Christopher Mills says: “We are very excited by this new business and welcome it into our established and successful group of companies.
“Alan brings business experience from the advisory marketplace as well as international credentials to complement Richard’s enviable long-term performance track record.”
Durrant is a former CIO chairman of Skandia Investment Management’s investment committee and conceived and launched the Global Best Ideas and Asset Allocator ranges. He was most recently group chief investment officer at The National Bank of Abu Dhabi.
He says: “I am enormously excited by this opportunity and this is why I took the step to return from the Middle East. Richard has developed proprietary quantitative screening models that are truly world class which will allow our fund managers and their clients to fully understand what risks are being taken in a portfolio.”
Philbin joined F&C Investments in 2001 to head its multi-manager team before moving to Architas Multi Manager as chief investment officer in 2008. He will continue to advise the Elite Hasley Multi Strategy Portfolio and the three new funds launched this month by Hasley.