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Former Credit Suisse CEO launches new asset manager

Former Credit Suisse Asset Management UK chief executive David Norman is launching a new asset manager offering low cost passive investment solutions.

Norman has teamed up with Folio Partners founder Gary Mairs to launch TCF Fund Managers. Fund manager John Kenny has joined the duo as partner and third backer.

The new firm will initially offer a low cost fund management service to IFAs, pension schemes and other entities. It will either take an adviser’s own asset allocation model or build a bespoke passive portfolio investing in ETFs, passive mutual funds and futures.

Portfolios can include UK and international  equities, including emerging markets, fixed income, cash, commodities and property.

The service offers a flexible pricing model, including options such as fixed mandate pricing and a mechanism that allows cost savings from its bulk buying to be shared with the adviser, trustee and customer.The firm says for the distributor influenced fund market, it has secured “advantageous” terms with a number of administration, platform and modelling suppliers and is able to offer a one-stop-shop to advisers planning their own fund ranges.

Mairs says: “As the ETF and passive market expands it is important to be able to keep on top of developments and to monitor closely both the cost and complexity of the underlying structures.

“With our innovative approach, advisers can offer a low cost yet secure proposition for customers incorporating some of the world’s best passive brands as building blocks.

“This is a birth of a new generation of fund managers with the customer’s interests at its very heart. We use smart technology, robust due diligence and aggressive cost management to deliver a solution that could form the core of the majority of investors’ needs.”  

TCF was renamed by Norman and Mairs in 2009 from Rutherglen Capital, a company which formed in 2003.

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