A newly created London-based wealth management partnership has said it is looking to move away from the traditional relationship manager model.
Vermeer Partners announced it has already attracted more than £1bn ($1.24bn, €1.12bn) of assets under management since being established by chairman Michael Kerr-Dineen and chief executive Simon Melling four months ago.
Kerr-Dineen previously founded and ran Cheviot Partners and oversaw its merger with Quilter, and Melling, was formerly chief executive of stockbroker Cenkos Securities.
Melling told International Adviser that the firm will offer discretionary fund management, advisory, and execution-only services.
“Yes, Vermeer Partners’ clients are served directly by those managing their assets, with no client relationship managers in the middle,” said Melling.
“We would say this is a more transparent and effective approach in serving clients that you don’t find nowadays.”
Vermeer Partners said that it is looking for high net worth individuals but there is “no minimum or strict range” for investments.
Rock-star
Kerr-Dineen added: “When we originally started thinking about the concept two years ago, it was clear there was a real need for a business like Vermeer Partners to offer investment professionals the opportunity to serve their clients in an environment of trust.
“Recent events in the investment sector have shown how great this need really is.
“Private clients are understandably shaken by recent events and the catastrophic failings of ‘rock-star’ fund managers.
“They are searching for a firm with the values that we seek to embody, and we are proud to serve them.”
Talent
The firm also said it wants to bolster its ranks despite the advice sector suffering from a talent drought.
“We are already thrilled by the response from investment managers and administrators and other talented individuals eager to join us, as well as clients who recognise our unique and personalised offering,” said Melling.
“Right now, we want to grow the business sensibly staying true to our core values, and continue attracting investment managers and top talent the industry has to offer.
“We are looking to grow as we continue attracting the right investment managers, with different backgrounds, skill-sets to join the partnership.
“We have already grown considerably in a short span of time: right now we want to focus on delivering personal service to our clients, managing their wealth, and recruiting the best talent in the industry.”
The firm already has 26 partners and a total staff of 40, including investment managers.
