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The agreement will result in the launch of Omnis Investments later this year.

The first products to be launched by Omnis Investments, subject to Financial Services Authority (FSA) approval, will be three multi-asset, multi-manager funds, which will be branded: Omnis Advanced, Omnis Balanced and Omnis Cautious.

The companies added that this paves the way for a series of new product initiatives designed to capitalise on Openwork’s distribution power and Octopus’s strengths as an investment product innovator.

Keith Carby, chief executive of Openwork, said: "This partnership will enable Openwork and our advisers to maintain a market-leading edge through the delivery of extremely high calibre investment solutions that have been specifically tailored to meet the requirements of our clients."

The funds will be managed by Lothar Mentel, director of multi-manager funds at Octopus, who joined the company earlier this year to oversee development of Octopus’s three new funds.

The Omnis multi-manager funds have been specifically designed to meet the risk/reward requirements of individual clients and deliver optimal returns within this context.

Simon Rogerson, chief executive of Octopus Investments, said: "We are delighted to be working with them on this joint venture. By combining Octopus’s reputation for strong product innovation with the breadth of Openwork’s distribution network, this partnership will create a new breed of distribution company by providing Openwork’s advisers and their clients with access to superior investment services."

Consultants Mercer is working with Octopus on the new range of investment products currently in development. Third-party administrators IFDS will oversee their administration following market launch.