David Norman and Gary Mairs have launched asset management business TCF Fund Managers.
The new venture offers a low cost, multi-asset portfolio management service investing in passive vehicles aimed at advisers and other institutions.
The portfolio service either takes an adviser’s own asset allocation model or works with them to build a bespoke model from which it implements a portfolio investing in exchange-traded funds, passive mutual funds and futures.
“As the ETF and passive market expands it is important to be able to keep on top of developments and to monitor closely both the cost and complexity of the underlying structures,” says Mairs. “With our innovative approach, advisers can offer a low cost yet secure proposition for customers incorporating some of the world’s best passive brands as building blocks. Our approach means that customers will continuously benefit from competitive pressures in the passive market.”
TCF Fund Managers says its pricing is very flexible and includes options such as fixed mandate pricing and a mechanism that allows cost savings from its bulk buying to be shared with the adviser/trustee and customer.
For the distributor influenced fund market TCF Fund Managers has secured advantageous terms with a number of administration, platform and modelling suppliers and is thus able to offer a one stop shop to advisers planning their own fund ranges.
Norman (pictured) adds: “The Retail Distribution Review is prompting a structural shift in value away from old fashioned providers and towards the adviser/customer. There is growing adviser demand for high quality, low cost, multi-asset fund management – either as a portfolio overlay or within an adviser’s own fund range – we are responding to that demand.”
Mairs was managing director for Friends Ivory & Sime (now F&C Investment) before joining Insight Investment as deputy chief executive. He founded Folio Partners, a boutique advisory business specialising in private equity activity in fund management in 2005.
Norman was managing director of retail business for Insight Investment and director of marketing and products for Morley (now Aviva Investors) before becoming chief executive of Credit Suisse Asset Management (UK). He left Credit Suisse in January 2009.
