The Financial Conduct Authority (FCA) has approved four new funds from Sanditon, the firm created by former Cazenove managers Tim Russell and Chris Rice.

The four strategies – long only and long/short UK equity funds for Russell (pictured), and long only and long/short European equity funds for Rice – are now expected to launch formally later this year.

Operated by Thesis Unit Trust Management, the pair of absolute return funds are called Sanditon European Select and Sanditon UK Select, while the long-only products have been named the Sanditon European fund and Sanditon UK fund.

As Wealth Manager revealed last year, the duo have adopted the Lindsell Train model, establishing an investment trust that provides investors with a stake in their new boutique.

This trust hit its target of raising £50 million when it floated earlier in the year.