An IFA consolidator has launched an investment management offering.
Radiant Financial Group announced yesterday (December 20) the creation of Radiant Asset Management.
The firm says the asset management service will be “radically different” from traditional discretionary fund managers, as it is based on feedback from financial planners and IFAs.
DFMs are “too focused” on ensuring their funds perform in line with their benchmarks, the company said, rather than delivering what customers want.
RAM will always focus on a sensible level of capital preservation.
The asset manager has been launched by Minesh Gajjar, chief investment officer of RAM, who joined the group last year from HSBC, where he was global head of discretionary and managed solutions in the wealth management team.
He was previously director of fund research and investment strategy at Coutts.
“The current obsession with meeting benchmarks means many DFMs are ‘content’ for their funds to make big losses if everyone else is making those losses. Not surprisingly clients don’t see it that way.” Gajjar said.
“We take responsibility for managing a customer’s wealth very seriously and see it as a privilege to be given the opportunity to help deliver on customers' financial and life goals.”
Radiant currently has assets under advice of £1.3bn after acquiring three IFAs earlier this year.
In February, the company launched its own platform with the help of Octopus-owned white-label technology provider Seccl.
Alain Kerneis, previously co-head of investment for BlackRock’s client portfolios solutions, has been appointed the independent chairperson of RAM’s investment oversight committee.
sally.hickey@ft.com
