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Timberlake&#39s IMS wins Way global management deal

Way Fund Managers is outsourcing the management of its global portfolio range to investment guru Richard Timberlake&#39s firm Investment Manager Selection.

IMS will run Way&#39s global portfolio range, which is sub-divided into three portfolios, with each investing in around 20 multi-manager fund of funds unit trusts, from the beginning of September. The portfolio&#39s existing managers Progressive Alternative Investments will switch focus to manage Way&#39s fund of hedge fund portfolios.

Timberlake started Fidelity&#39s UK operation in 1979 as managing director of Fidelity International. In 1989, he started a multi-manager fund of funds which later became Portfolio Fund Managers, now part of Edinburgh Fund Managers.

IMS is headed by Timberlake, Nigel Slade and Peter O&#39Connor. It advises on £1.4bn of assets for life companies, banks, wealth managers and asset management groups.

Way chairman Paul Wilcox says: “This is a perfect fit because we already have three portfolios which mirror those for which Richard was investment director and, more recently, investment adviser through IMS.

IMS managing director Nigel Slade says: “These new mandates have come to IMS because of our experienced team, our selection process and our performance record.”

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