Wealth Manager - Essential news for investment professionals

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

Peter Webb says 'I'll be back'

Peter Webb says 'I'll be back'

Former Unicorn chief executive Peter Webb is planning a rapid return to the market with the launch of a micro-cap fund.

The smaller companies stalwart stepped down from Unicorn, which he founded in 2000, back in July and has since been focusing on his role as non-executive chairman of FinnCap, the corporate finance and research arm of stockbrokers JM Finn.

Webb said he is in discussions with a number of firms about potentially running the fund as a joint venture but he is also considering launching a new fund management company.

‘I am not the sort of person to stay out of the market long and I feel there are significant opportunities in the Alternative Investment Market, particularly given the substantial recent falls in share prices,’ he said.

‘I want to get back to running money as soon as possible. There is a clear gap in the micro-cap space and I am determined to get a smaller companies fund out for the people who have stuck by me through the good times and the bad times.’

Webb said if he launches his own fund he would favour a limited partnership structure over an investment trust following the bitter dispute that saw Unicorn’s flagship investment trust Eaglet taken over by activist investors Knox D’Arcy.

Setting up a new business would be dependent on him realising his 29% shareholding in Unicorn, however. Unicorn is currently undertaking a strategic review of its business after losing both its chief executive and managing director, Peter Walls, along with two investment trust mandates in the past six months.

Unicorn finance director Philip John said: ‘The review will take place over the summer and we are keeping an open mind about the outcome.’

Webb had previously mooted the idea of merging Unicorn’s unit trust business into JM Finn and that is understood to be one of the options Unicorn is considering.

Both John and Webb believe the firm’s brand is still highly regarded by private client stockbrokers and advisers.

‘Unicorn could seek a buyer or someone could come in and use it as a platform to expand into the AIM space,’ Webb added.

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 Sarasin’s Boucher: why I like salmon with chocolate

Sarasin’s Boucher: why I like salmon with chocolate

Henry Boucher, manager of the £129 million Sarasin Food & Agriculture Opportunities fund, explains why he is gobbling up salmon and chocolate stocks.

Play Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Libby Ashby and leading wealth managers analyse what the Alibaba IPO hype means for Chinese equities, slowing growth of the UK economy and whether there’s anything left to play for in the European sovereign bond market.

Play Tesco, Japan and the rise of the central banker

Tesco, Japan and the rise of the central banker

 Libby Ashby and leading wealth managers scrutinise the food retail sector, Japan’s consumption tax hike and political risk in the markets.

Your Business: Cover Star Club

Veteran banker boosts Sanlam’s stockbroking team

Veteran banker boosts Sanlam’s stockbroking team

A veteran private banker has been recruited by Sanlam Private Investments to strengthen its advisory stockbroking team.

Wealth Manager on Twitter