Omnis, the asset management firm operated by the Openwork adviser network, has confirmed the launch of nine funds.
Omnis outsources the investment management of its funds to individual fund houses and the funds are only available to advisers who are part of the Openwork network.
Four fund houses that were not previously clients of Openwork have been appointed for the latest launches.
RWC Partners will manage the Omnis European Equity Opportunities fund, Hermes will manage the Omnis Absolute Return fund, Axa Investment Management will run the Omnis Short Dated bond fund, and Fulcrum Asset Management will run the Omnis Diversified Returns fund.
Three firms that run existing mandates for Openwork, Jupiter, T Rowe Price and Fidelity International, will run the additional funds.
Omnis is closing the Emerging Market Equity fund, which had been run by Ross Teverson at Jupiter, but the same fund house will run the new Omnis Emerging Markets Equity Opportunities fund. Fidelity will run the new Emerging Markets Equity Leaders fund.
It’s a similar story for the European equities team at Jupiter, with the Omnis Equity fund being shut and the same fund house winning the mandate to run the new Omnis European Equity Leaders fund, while RWC will run the Omnis European Equity Opportunities fund. The Omnis Alternative Strategies fund will close.
Openwork has 3,900 financial advisers in the UK.
Mike Morrow, Openwork’s Wealth and Platform director, said: “Our investment philosophy is always to provide high quality investment solutions, which strive to achieve the results that Openwork clients expect from their investments over time.
“We are delighted to announce the launch of nine new funds and the appointment of four of the best investment managers in the industry, providing investors with further diversification and giving them more choice with their investments.
“The investment managers were chosen following an exacting selection process and having reviewed several asset managers.
"The ones selected are all respected houses and fund managers, who’s corporate cultures and styles compliment Omnis. Each were judged on four core requirements: suitability, quality, ability and diversification.”