Former Skandia chief investment officer Alan Durrant and ex-Architas manager Richard Philbin (pictured) have formed Harwood Multi-Manager.
Durrant, who created Skandia’s Global Best Ideas and Asset Allocator ranges, will be chief executive officer of the new firm, while Philbin will be chief investment officer.
The new business, which is subject to regulatory approval, will unveil a suite of funds of funds that define and deliver a set volatility risk budget, while working with the existing advice process of advisers.
Harwood Multi-Manager will be supported by the existing compliance, operations and dealing teams already established at Harwood Capital and the firm said it expects to announce further hires soon.
The move will see Philbin continue to advise the Elite Hasley Mutli Strategy Portfolio as well as three new funds launched this month by Hasley Investment Management, which will mark the start of a relationship between the two firms.
Commenting on the new venture, Durrant said: ‘Richard has developed proprietary quantitative screening models that are truly world class which will allow our fund managers and their clients to fully understand what risks are being taken in a portfolio.
‘In addition to launching a suite of multi-manager funds, we will also be seeking to work with financial advisers, life companies, fund platforms and affinity groups who are looking for help in furthering their own multi-manager ambitions.’
Prior to forming Harwood Multi-Manager, Durrant was group chief investment officer at the National Bank of Abu Dhabi and was previously head of asset management at Gulf Finance House.
Before this, he worked at Skandia Investment Management as CIO and chairman of the investment committee, before which he was at Hargreaves Lansdown.
Philbin previously worked at Architas Multi Manager as chief investment officer where he also chaired the investment committee, joining in 2008.
He has also worked at F&C Investments, which he joined in 2001, to head up its multi manager team and run the existing fund of funds offerings, as well as launching the firm’s LifeStyle range.