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Iimia plans specialist boutiques in MitonOptimal merger move

iimia plans to ramp up its investment offering with the launch of specialist joint venture boutiques.

Chief executive Mike Phillips says iimia’s expected merger with MitonOptimal group will see the newly formed group initially look to recruit four or five specialist teams, with areas such as European equity and Asian fixed interest being targeted.

The specialists teams would operate on a joint venture model similar to Resolution’s model but Phillips says iimia will be majority shareholder in the businesses.

He says these satellite funds will complement its in-house multi-manager range.

Phillips says: “This merger would make us a serious multi-manager player with the capacity to compete with all the big boys in the market. But to have some specialist and single manager strategy funds around it would give the firm a complete offering for the market.

“We want to have an offering of the joint venture ilk while we will remain open-minded on where the specialist teams we recruit actually operate from.

“However, our first goal will be to get these businesses merged and operating in an efficient manner.”

Hargreaves Lansdown head of research Mark Damp-ier says: “These specialist offerings would depend on the managers they can poach but they must bed the business down first.”

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