P1 Investment Services has teamed up with former Tees Wealth head of investment, Kieran Follis, to launch boutique discretionary investment management firm Magellan Research & Investment.
The firm will offer a range of actively managed, risk-adjusted model portfolios designed for advisers and their clients.
Magellan’s model portfolios will be available on several advisory platforms, including the P1 platform.
A discretionary managed portfolio investment service on a more individual, bespoke basis will also be offered.
Magellan will operate under the P1 brand using its regulatory, administrative and tech support framework as well as its platform.
Follis has previously worked as divisional director with Barclays Wealth and head of investment management at Tees Wealth.
He said: “The ongoing spate of M&A within the investment industry fills us with dismay. It speaks to the herding of clients, homogenous portfolios and an increasing lack of differentiation between what seems an ever-decreasing circle of fewer, but very large firms.
“We are determined to work as true client managers, not simply client gatherers. Professionally, we also want to shine a bright light into the dark corners of the DFM world, where fees can remain stubbornly high, but returns often disappoint.”
P1 chief executive, James Priday, said: “We look to support them in the same way that we support advice firms, by letting them focus on the job by removing operational and administrative burden. Follis understands the importance of embracing technology to reduce costs and provide better services to advisers and clients.”
P1 also has several other investment managers operating their business under its brand including Elston Portfolio Management, Corrival Capital Management, Pangea Impact Investments and Five Horizons.
Last month (February 12) P1 launched a report pilot tool to allow advisers to create annual client reviews in a few clicks rather than between 30 minutes to two hours.
The new tool can also be used for investment and pension reviews as well as client and product review reports.
alina.khan@ft.com
