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P1 Investment Management appoints Hugo Thorman as Chairman

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P1 Investment Management (P1), the new Discretionary Fund Management and platform proposition for advisory firms, has appointed Hugo Thorman as its Chairman.

Thorman brings over 25 years’ experience within the financial services industry to P1, in addition to his expertise in platforms and management of several successful businesses. He held the role of Chairman and previously Chief Executive of wrap platform Ascentric. Before that, he was also Chief Executive of James Hay and Intermediary Marketing Director of Abbey National.
 
P1 is an original discretionary fund management (DFM) and platform solution which provides advisory firms and networks with a full advice and execution-only investment platform. It will allow participating advisory firms to contribute to strategic decision making, to ensure the platform and investment management services develop in line with the needs of both advisers and their clients.
 
James Priday, Managing Director of P1 and Prydis Wealth, says: “Hugo will be a major benefit to this new business as we seek to build a truly adviser-owned DFM proposition. He has already been a valuable sounding board and his massive experience of running platforms will undoubtedly reap great rewards, as he takes a hands-on role at P1 in shaping the business. P1 will not have its own financial advisers and will not deal with individual clients directly; therefore we are enabling financial advisers to protect their trusted relationship with their clients.”
 
Thorman says: “I was keen to join P1 as I believe it is a unique combination of DFM and platform which is owned by adviser firms. That is a proposition which many intermediary firms are seeking right now. I was also taken with James’ drive, enthusiasm and knowledge and his entrepreneurial spirit reminded me how I would like to have seen myself a few years back. I think we have a real winner here and that P1 will succeed in what is a very exciting and dynamic market.”
 
The combined platform and model portfolio fee for P1 is 0.5 per cent per annum up to GBP1 million, dropping to 0.1 per cent thereafter.

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