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Thames River to run fund for Quantum

Quantum Asset Management has transferred the management of its UK absolute income fund to Thames River Capital.

As revealed first on, the move, which took place on June 2, sees the fund’s portfolio manager Joel Amsellem move to Thames River to ensure continuity.

In a note to advisers, Quantum says it is “in the best interests of the investors and all parties involved with the fund that it should be part of a bigger investment manager with stronger distribution and a better developed operations and infrastructure platform”.

Launched in 2005, Quantum’s UK absolute income has around £6m and uses a covered-call strategy.

Thames River, which has eight individual teams that operate independ- ently managing their specialist areas and products, says the deal will create a new team within the group.

The deal follows the news in April that Quantum was withdrawing from both its core business lines – structured investments and the UK absolute income fund – after struggling to structure products in the economic climate.

The firm’ has 25-30 existing active structured plans which will continue to be administered by Keydata, with capital protection provided by Barclays and JP Morgan.

In the note, Quantum chief executive Mark Mathias says the firm is seeing few structuring opportunities that are attractive from both a marketing and investment viewpoint and does not anticipate this changing in the near term.

Barclays Wealth director Colin Dickie says: “Interest rates might be low but five-year bank internal funding rates are higher so we can still do good products.

“However, there is no doubt the market is changing as it appears to be normalising. It may put some focus back on pure capital-protected products with some upside simply because continuing reduction in volatility levels makes them look better and capital-at-risk products less attractive.”



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