Still in the planning phases, the new offering will be headed up by Matthew Butcher who joined the firm last year and will focus on providing discretionary fund management to a limited number of high net worth individuals.
According to Charlie Parker, head of distribution at Neptune, the firm believes its boutique structure will provide a great home for private client managers, but added the exact model has yet to be decided.
“We are not hanging around, but there are a couple of operational decisions that need to resolve before we can actually start. But, one of the benefits of the boutique structure is we have the ability to take our time,” Parker said, adding: “We are also not interested in becoming IFAs, in providing retirement advice, nor do we have any plans to try and build a regional presence. We are going to keep it small and focused.”
Parker said that Butcher brings huge experience to the role which will be of significant benefit to the new venture, as will the economics expertise that the firm’s CIO, James Dowey has.
“We have the chance to put together a portfolio construction approach that is right for 2016, which is a significant opportunity,” Parker said.
He was clear to add, however, that the firm’s current offering would be wholly unaffected by the new venture. “None of the fund managers will be involved in the process, nor will the asset management company’s sales team.
Butcher, who started SilverHill Consulting last year following his departure from Dart Capital, has been joined by James Cliff, formerly a private client manager at Rathbones. Also involved in the planning phase is Neptune’s deputy managing director, Richard Green, who was previously CEO at Barclays Private Bank.