Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Ex-Brooks Macdonald duo join forces to launch wealth firm

Ex-Brooks Macdonald duo join forces to launch wealth firm

Former Brooks Macdonald director James Keen has returned to the market with new venture Mountstreet Partners, which aims to provide a ‘family office-style’ service to a select number of clients.

Keen launched the firm with ex-Brooks colleague Alex Fray last month and is looking to build a portfolio of around 100-150 high net worth clients over the next three years and will then close to new business.

‘We want to run a more personalised, bespoke service for fewer, larger clients,’ Keen said. ‘We see ourselves offering a family office-type service for clients who cannot necessarily gain access to one because of the size of their portfolios.’

Mountstreet’s minimum investment level is £500,000, but he anticipates that when the firm stops taking on new clients, the average portfolio size will be £1-£1.5 million.

‘We have already taken on a fair number of clients and expect to be cashflow neutral or positive by January,’ Keen said.

Most clients are expected to be referrals from solicitors, accountants and IFAs that the pair have longstanding relationships with.

They are in the process of hiring a junior investment manager and anticipate the firm’s headcount will have risen to between six and eight by next April.

The firm blends active funds with passive funds and this, combined with outsourcing its dealing functionality to Raymond James and using Pershing as a custodian, is helping the firm to keep charges down as it scales up. Clients typically pay a 1% annual management charge.

‘We very much take an active asset allocation approach and our investment approach is to use passive funds to express our market views,’ Keen said.

Keen left Brooks Macdonald earlier this year having spent 14 years at the firm, where he was a latterly a board director and a member of both its asset allocation and investment committees.

Meanwhile Fray was a director at Brooks between November 2005 and April 2007 and woked as both company secretary and finance director.  

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Play Japan's slump, the umbrella revolution and the battle for Brazil

Japan's slump, the umbrella revolution and the battle for Brazil

With the arrows of Abenomics appearing to be missing their targets and political uncertainty rife in Hong Kong and Brazil we take a look at investor sentiment in this week's Investment Pulse

Your Business: Cover Star Club

Profile: The adviser that tempted Robin Minter-Kemp on board

Profile: The adviser that tempted Robin Minter-Kemp on board

It is rare to meet an impassioned individual who is willing to bang the drum for investment advisory right now

Wealth Manager on Twitter