Once authorised, it will take on the administration of existing group private client assets exceeding £200m. James Hambro & Partners will operate with autonomous management.
Andrew Steel, who joined JOHCM in July 2009 as chief executive, has recruited a number of senior individuals to help build and service this client segment.
Both Anthony Balniel and William van Straubenzee, previously with JO Hambro Investment Management (JOHIM), have joined as founding partners of the private client business.
Balniel, previously the head of private clients and one of the founding shareholders of JOHIM, will manage private client portfolios. He will also take over key aspects of the private client service.
Van Straubenzee, previously a director at JOHIM, will manage client portfolios with a value of about £350m. He will also assume responsibility for the private client investment process.
James Hambro, the chairman of JOHCM, says that James Hambro & Partners will be built around an entrepreneurial team of experienced private client portfolio managers.
The investment boutique’s core business will remain focused on Oeics, other open-ended funds and specific institutional mandates.
“[However,] James Hambro & Partners will add another string to our bow, providing a tailored service for high net worth individuals,” Gavin Rochussen, the chief executive officer, says in a statement.
Rochussen says private clients and the provision of wealth management services is an increasingly important part of the overall investment universe. “This client segment also provides a long term and stable client base which will help further diversify our underlying assets and revenue steams,” Rochussen says.