John Duffield’s firm Brompton Asset Management has acquired the Way Group's global fund range.
The funds held within the £148 million global range, which include the WAY Global Red Portfolio, the Way Global Red Portfolio, the Way Global Blue Portfolio and the Way Global Cautious Portfolio, will now be managed by Brompton's multi-asset team.
Way said there would be no change to any of the funds’ key structures or investment objectives.
Brompton will manage and have ownership of the portfolios, but the funds will continue to be used as the core investments underpinning The Way Group’s inheritance tax mitigation solutions.
Paul Wilcox, Way group chairman, said: ‘The fund range was originally developed to complement Way’s trust solutions using a fund-of-funds structure to preserve the trustees’ capital gains tax allowance, running a nil-yield mandate to avoid inconvenient distributions to trust beneficiaries.
‘We believe this new arrangement is an excellent deal for our many inheritance tax clients who will get the best of both worlds.’
‘It was important to find a partner who we felt would attend to this particular mandate without compromising on performance and we are delighted that Brompton will be taking this on,’ added Wilcox.
Gill Lakin, Brompton’s chief investment officer, said: ‘We are delighted we have been given the opportunity to manage money on behalf of investors in the Way Global fund range.
'As manager of the three funds, we aim to produce healthy risk-adjusted returns for investors while maintaining the nil-yield mandate and to satisfy the requirements of their advisers for efficient service.’