Way Fund Managers is outsourcing the management of its global portfolio range to investment guru Richard Timberlake's firm Investment Manager Selection.
IMS will run Way's 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's existing managers Progressive Alternative Investments will switch focus to manage Way's fund of hedge fund portfolios.
Timberlake started Fidelity's 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'Connor. 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.”