The partnership will see Openwork’s 2,600 multi-tie advisers accessing three multi-asset multi-manager funds, to be known as Omnis Advanced, Omnis Balanced and Omnis Cautious, subject to FSA approval.
Professional consultants Mercer will be advising on the new company and IFDS will oversee the administration following its launch to market.
They will be managed by Octopus director of multi-manager funds Lothar Mentel. Prior to this he was head of investment products at NM Rothschild & Sons Private Management.
Each fund will have exposure to a range of asset classes through investment in collectives and individual stocks and bonds. Portfolios will vary according to individual risk profiles.
Following the launch, Openwork and Octopus will be considering other new developments that might include structured products, mortgages and annuities.
Octopus chief executive Simon Rogerson says: “We are delighted to be working with them on this joint venture. By combining Octopus’s reputation for strong product innovation with the breadth of Openwork’s distribution network, this partnership will create a new breed of distribution company by providing Openwork’s advisers and their clients with access to superior investment services.”
Openwork chief executive Keith Carby says: “Octopus Investments has a proven track record in the development of highly innovative and award-winning investment solutions. This partnership will enable Openwork and our advisers to maintain an edge through the delivery of high calibre investment solutions that have been specifically tailored to meet the requirements of our clients.”