Neptune Investment Management is seeking to launch a wealth arm focusing on high-net-worth (HNW) clients, Investment Adviser can reveal.
The plans will see the fund house offer discretionary management services to a “select number” of HNW individuals, head of distribution Charlie Parker said, though a launch date has yet to be decided.
Neptune has hired Rathbones private client investment manager James Cliff to work as part of the business, as well as former Brewin Dolphin head of research Matthew Butcher, who joined the asset manager last year.
Mr Butcher, who left Brewin in 2013 and worked at Dart Capital before co-founding Silverhill Consulting last year, has taken on the role of head of client proposition.
Mr Parker said Neptune saw a “compelling opportunity” to offer a discretionary service to HNW clients, in part because of the firm’s expertise in the area.
Richard Green, Neptune’s deputy managing director who previously focused on private wealth accounts at Barclays, is also involved in the project.
The asset manager said the business would be “distinct” from its existing unit trust arm, though it has not yet decided on a name for the service.
Mr Parker added the service would not mean Neptune competing with advisers or regional wealth managers because it will not operate in the regions or offer financial planning.
