Former Liontrust star managers Jeremy Lang and William Pattisson are setting up their own asset management boutique this autumn.
The boutique is to be called Ardevora Asset Management and will focus on long/short UK and global portfolios, with absolute return funds targeting between 7 and 10 per cent a year.
Lang and Pattisson will also hire two fund managers to run money alongside them.
The pair left Liontrust in January 2009, having been responsible for the majority of the firm’s assets under management. Their departures resulted in steep outflows from the company and a fall in its share price.
Liontrust appointed Gary West, James Inglis-Jones, Anth-ony Cross and Julian Fosh to take on management of three funds run by the pair.
West and Inglis-Jones manage Liontrust’s first income and first large-cap funds and Cross and Fosh manage the first growth fund.
Chelsea Financial Services managing director Darius McDermott says: “We will pro-bably wait to see what happ-ens with the new boutique. Lang is known for his success in the income area although his fund did struggle in the last few years at Liontrust. We will be interested to look at his process within the new boutique.”