Skandia Best Ideas founder Alan Durrant and former F&C and Architas multi-manager Richard Philbin have joined forces to launch a new multi-manager business.
Harwood Multi Manager, which is subject to regulatory approval, plans to launch a suite of multi-manager funds built around defined volatility risk budgets.
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.
Philbin will continue to advise the Elite Hasley Multi Strategy Portfolio and the three new funds launched last month by Hasley.
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.
“In particular, we believe there is a significant gap amongst the current multi-manager offerings for a suite of funds that defines the volatility risk budget and then sticks to it rather than meandering all over the market and taking a client’s pension or life savings with it.”
Durrant is a former chief investment officer chairman of Skandia Investment Management’s investment committee and conceived and launched the Global Best Ideas and Asset Allocator ranges, while 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.
Hargreaves Lansdown senior investment manager Adrian Lowcock says: “I think there is an opportunity in the multi-manager space – it is going to grow post-RDR. That sort of risk-based solution is going to appeal to advisers and investors, particularly cautious investors who want to protect capital.”