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Patrick Armstrong and Ana Cukic Armstrong, who left Lloyds Banking Group-owned Insight in October last year, have set up Armstrong Investment Management. The boutique will target pensions and high net-worth investors offering investment packages based on multi-asset strategies.

Mr Armstrong and Dr Cukic Armstrong were co-heads of Insight's multi-asset group from November 2003, and prior to that they both worked for UBS.

Mr Armstrong is joint managing partner and head of investment selection for Armstrong Investment Management. He said many investors had been left disappointed by large faceless organisations, and by outdated investment products, something he aimed to rectify with the new business.

His wife, Cukic Armstrong is joint managing partner and head of portfolio strategy and construction at Armstrong Investment Management.

She said: "The most compelling investment solution is for clients to take advantage of the beauty of traditional investments and marry that with the flexibility and total return focus of alternative investments.

"This approach enables us to meet investors' specific needs for management of risk and return, for example protecting and building the value of capital against the potential impact of rising inflation."

The Armstrongs have teamed up with Toby Hayes, who worked with them at and UBS. He joins as partner and portfolio manager.

Mr Hayes also spent three years as a portfolio manager for Insight's multi-asset team, specialising in credit and fixed income.

Vlade Milanovic, who has worked previously as a quantitative analyst for New Bond Street Asset Management and at Nomura, has joined the business as quantitative analyst and risk manager.

Matthew Woodbridge, head of investment products for London-based Chelsea Financial Services, said: "We were supporters of the Insight's Diversified Targeted Return fund, which was their big flagship fund under the Armstrong's stewardship.

Mr Woodbridge added: "We are quite interested to see how they are going to run the money. They were one of the first people to bring multi-asset investing into the retail space through the Insight funds. Their multi-asset was very diversified and had many asset classes. However we have not seen any specifics from them only that they are setting it up."

Mike Pinggera, former head of multi-asset class solutions for Credit Suisse, replaced the outgoing managers as head of Insight's multi-asset proposition in January.

Details of its Armstrong Investment Management's services and product offerings are expected to be released over the summer.