Sanford DeLand Asset Management has launched a fund for former Schroders mid-cap manager Rosemary Banyard following her appointment as the boutique firm's investment director last year.
The Free Spirit fund will seek to achieve more than 2 per cent growth in capital and income over the long term by investing mainly in a portfolio of UK equities.
Ongoing charges for the fund over the first year are estimated to be around 1.68 per cent.
Ms Banyard said: "We will be looking for businesses that have a clear and sustainable competitive advantage, which are difficult to replicate, thereby erecting a barrier to new entrants and generating superior returns on operating assets.
"In addition, these companies are likely to possess sound finances and experienced management teams focused on the creation of long-term value for shareholders.”
The portfolio, which is set to contain between 25 and 40 holdings when fully invested, joins the firm's £82m Buffettology fund, which is run by Keith Ashworth-Lord and buys UK small caps in accordance with Warren Buffett's investment philosophy.
According to FE Analytics the Buffettology fund has returned 47.2 per cent over three years, compared with an average of 17.8 per cent from its IA UK All Companies peer group.