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Foster Denovo appoints Seneca to manage £200m assets

Foster Denovo appoints Seneca to manage £200m assets

Seneca has won the mandate to run about £200m of client assets held in the Sequel Investments fund range run by adviser firm Foster Denovo.

The assets had previously been run by Sarasin Fund Managers.

Seneca is a multi-asset value based fund house based in Liverpool. Winning the £200m mandate from Foster Denovo moved Seneca’s assets under management from about £500m to about £700m.

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Seneca’s chief investment officer is Peter Elston, a former Asia specialist at Aberdeen Asset Management.

Roger Brosch, chief executive of Foster Denovo, said: “As the owner of Sequel Investments Limited, we are able to consider changing the investment manager when there are clear advantages in doing so.

"We can confirm that as part of our regular review we have changed the investment manager of Sequel Investments Limited to Seneca Investment Managers as of 15 February 2018.  This is not the first time Sequel has changed its investment manager.”

He added: "We can confirm that nothing else has changed. Clients will be unaffected, and it is very much business as usual”.

The Sequel range of funds are outcome focused mandates available only to clients of Foster Denovo.

The financial advice firm is looking to launch its own platform later in the year and said it wants to absorb the costs of the service for its clients.

Foster Denovo currently uses around seven platforms and the new white labeled one it is building would sit alongside these when it is completed later this year.