Specialist investment house Seneca Partners is to open up its proposition to ultra high net worth investors.
The 12-strong team already runs an approved EIS fund, as well as the Fine Wine, Turnaround Investment and Bridging Loan funds, but is looking to roll these out to other wealth managers including IFAs and private bankers.
‘The asset management space, which has shifted focus towards wealth preservation in recent times as a result of the economic headwinds, is a mature and crowded market,’ said director Alex Dymock (pictured). ‘It is difficult to develop a new differentiated asset management product that grabs people’s attention.
‘Seneca is not seeking to provide a wealth management solution. Instead we offer a solution to wealth managers who have clients seeking exposure to exciting alternative investment opportunities.’
Several other fund launches are also on the cards. The firm is keen to build a presence in the unregulated collective investment schemes space, an area that Dymock believes will be increasingly attractive to investors in the future. ‘The FSA seems to want to regulate them [unregulated collective investments] through the back door so a lot of people are reluctant to invest in this space, but EIS relief means a lot of people will move into this area over the next few years.
‘The perceived gap in investment risk between, say, blue chip equity and bond investments versus alternative asset classes such as EIS investments, fine wine and small private company investments, where we specialise, has narrowed significantly,’ he said.