Private equity guru Jon Moulton has become a backer of Seneca Investment Managers.
Via his family office, Perscitus Advisers, Moulton has acquired a significant minority interest in the new fund management firm, which was founded in 2010.
Moulton, the founder and managing partner of the private equity firm Better Capital, said: 'Seneca Investment Managers is a firm with a huge amount of upside potential. Under Stuart Eaton’s leadership, I have no doubt that an already successful fund management team will go from strength to strength.
'We have a lot planned for the new company and are backing it to become a major force within UK financial services.'
Stuart Eaton, Seneca's CEO, added: 'For someone of the calibre of Jon Moulton to invest in Seneca Investment Managers suggests that our vision for the company is on the right track.
'Seneca Investment Managers is not simply about offering a more holistic proposition to our existing clients but building a challenger brand in the broader UK fund management sector.'
The news comes less than two months after Seneca Investment Managers said it was acquiring Miton's Liverpool fund business. The deal is still subject to FCA approval.
In February Wealth Manager revealed Seneca had bolstered its ranks with the appointment of David Warnock, co-founder of Aberforth Partners, as chairman.
In an exclusive interview with Wealth Manager shortly after the Miton deal was announced, Eaton outlined an ambitious growth plan for his firm.
Moulton has been investing in turnaround opportunities for more than 30 years, with his career taking off in 1985 when he joined Schroders to set up a venture capital arm for the fund giant.
In January last year, Burford Capital, the litigation financer backed by Neil Woodford, had formed a 'strategic relationship' with Jon Moulton's Manolete. Under the agreement, Burford was to provide co-funding of up to £10 million for Moulton's insolvency litigation investments.