The partnership will see Openwork’s 2,600 multi-tied advisers accessing three multi-asset multi-manager funds, Omnis advanced, Omnis balanced and Omnis cautious, subject to FSA approval.
The funds will be run by Octopus director of multi-manager funds Lothar Mentel, previously head of investment products at NM Rothschild & Sons Private Management.
Each fund will have exposure to a range of asset classes by investing in collectives and individual stocks and bonds. Portfolios will vary according to individual risk profiles.
Professional consultant Mercer will advise on the new company and IFDS will oversee administration.
Openwork and Octopus say they will consider other developments that might include structured products, mortgages and annuities.
Openwork chief executive Keith Carby says: “Octopus has a proven track record in developing highly innovative and award-winning investment solutions. This partnership will enable Openwork to maintain an edge through the delivery of high-calibre investment solutions that have been specifically tailored to meet the requirements of our clients.”