Three former Close Asset Management senior executives have set up investment management business TIME Investments.
It will launch with two funds, the freehold income trust and the capital trading companies, with further products to be added later this year.
The property and tax planning investment manager business is owned by real estate investment specialist Alpha Real Capital.
Former Close Brothers managing director of the property division Nigel Ashfield is managing director of the new firm. He also manages the freehold income trust.
Former Close Brothers deputy managing director of the property team Steven Oliver and operations director Anthony Buckley are deputy managing director and operations director respectively.
Octopus Investments distribution director Russell Jarvis has been recruited as sales and marketing director and will head a sales team of six.
Ashfield says: “We have a strong management team and parent and two investment propositions with excellent and long-standing track records.
“Advisers are looking to diversify their clients’ portfolios, manage their risk-return characteristics and optimise their clients’ tax position. We are well positioned to meet their requirements with both funds.”
Yellowtail Financial Planning managing director Dennis Hall says: “Close is known for property-related funds and some have been successful.
“The freehold income trust is a niche product that has a pedigree behind it, albeit with Close where the managers have come from. However, it is a Ucis fund, so many advisers may choose to ignore it due to the negative connotations over Ucis.”