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Horlick will head new consultancy

The co-founder of SG Asset Management, Nicola Horlick, has taken the helm of newly-launched multi-management consultancy Bramdean Asset Management.

Horlick will be chief executive of Bramdean, which is being backed by private investors and will start business this month, subject to regulatory approval.

The firm has appointed Sir Derek Higgs as chairman and will have two areas of advice – one exclusively for institutional clients and one for both institutional and private clients.

The two divisions will be founded on a comprehensive, multi-stage investment process focusing on manager research, monitoring, selection and portfolio construction. The multi-manager division will employ all aspects of the process while the consulting division will focus on the research and monitoring elements.

Initially, Bramdean will offer six funds within a unit trust structure covering asset classes including UK and global equities as well as UK gilts and international bonds.

The screening process for funds will focus on past performance, recent management changes, risk management and the quality of the investment team.

Of the 2,000 managers eligible for selection, Bramdean will identify 200 through its initial selection and place them on a focus list for further investigation. It will then select two fund managers and four alternate managers for each asset class.

Bramdean will offer its clients advice on asset allocation alongside portfolio construction and it will also recommend scheme-specific benchmarking.

There will be a performance-based fee structure.

Horlick says: “The multimanager structure is the ideal response to a market which is polarised into either niche or very large businesses. We will be able to offer access to the best fund managers in the market, supported by an efficient structure and process presented through a clear and simple reporting structure.”

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