InvestmentsOct 2 2014

Update: Pat Armstrong leaves own business to join Plurimi

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Patrick Armstrong has left his business he helped set up and joined Plurimi Group to help it launch an asset management arm.

Mr Armstrong said he and portfolio manager Eugen Fostiak would be joining Plurimi from Armstrong IM and would be reunited with their former UBS colleague Louay Al-Doory.

Mr Al-Doory will be chief executive of the business while Mr Armstrong will be chief investment officer. Mr Fostiak will be a portfolio manager.

The Diversified Dynamic Solutions fund which Mr Armstrong ran at his previous company will move across to Plurimi, as will associated managed accounts.

Mr Armstrong said the business would be targeting institutional, wholesale and retail investors.

The manager told Investment Adviser last year that Armstrong IM would remain in its present structure in spite of the fact he and his co-founder and wife Ana Cukic Armstrong being set to divorce.

The pair spent six years as co-heads of Insight Investment’s then $2bn (£1.3bn) multi-asset group. Prior to this they worked together at UBS on its Managed Accounts Programme.

Ms Cukic Armstrong said team leading Armstrong IM had given the business a “revised focus” on global investment mandates, including in private equity.

She said since the change, the group had attracted £500m.

Ms Cukic Armstrong has a track record of running inflation-benchmarked investment solutions and said she would be building bespoke liquid and private equity investment portfolios for individual high net worth clients, family offices and boutique wealth managers.

“The new AIM model is absolutely client led,” Ms Cukic Armstrong said.

“We have worked hard to build a new team that can provide our clients access to investments in a number of asset classes from around the world, and technology that can provide data and insights that until now have only been available from large institutions.

“We are committed to providing a market leading solution that is measured by its level of client service, results and value for money.”

Plurimi Investment Management will be a global macro specialist that provides a combination of top-down macro allocation with bottom-up risk-management.

All of its strategies are managed with objectives to deliver real returns which are significantly higher than rates of inflation.

Ramzy Rasamny, chief executive of Plurimi Group, said: “PIM is a group cornerstone, it will expand our institutional capabilities and extend our client value-added services.