Former Tees Wealth head of funding administration Kieran Follis has teamed up with platform P1 Funding Companies to launch boutique funding administration agency Magellan Analysis & Funding.
The agency stated it plans to supply a highly-focused vary of actively managed, risk-adjusted mannequin portfolios designed for monetary advisers and their purchasers.
It will function beneath the P1 umbrella, utilizing the agency’s regulatory, administrative and tech assist framework, in addition to its low-cost, digital-only funding platform.
In the meantime Magellan mannequin portfolios may even be out there on a number of different advisory platforms.
Mr Follis has beforehand been a divisional director at Gerrard/Barclays Wealth as effectively working most not too long ago at Tees Wealth in Bishop’s Stortford.
Mr Follis stated: “The continuing spate of M&A inside the funding trade fills us with dismay. It speaks to the herding of purchasers, homogenous portfolios and an growing lack of differentiation between what appears an ever-decreasing circle of fewer, however very giant companies.
“We’re decided to work as true consumer managers, not merely consumer gatherers. Professionally, we additionally wish to shine a shiny gentle into the darkish corners of the DFM world, the place charges can stay stubbornly excessive, however returns usually disappoint.”
He stated he met with a number of platform suppliers within the build-out of Magellan, earlier than selecting P1. He stated: “They share our imaginative and prescient of cautious progress, and as shut companions on our journey, stand beside us with the sources and ability we want.”
P1 chief govt James Priday stated: “Kieran bringing his enterprise beneath the P1 umbrella is a pure match. P1 is at all times trying to work with modern funding managers.
“We glance to assist them in the identical method that we assist recommendation companies; by letting them deal with the job by eradicating operational and administrative burden.”
Magellan will be part of P1 alongside a number of funding managers working their companies beneath P1’s umbrella, together with Elston Portfolio Administration, Corrival Capital Administration, Pangea Influence Investments and 5 Horizons.
