Marlborough Group is to merge its fund manager and investment management arms into a single businesses, led by Richard Goodall, it has announced today.
This newly formed investment management business, with around a combined £6bn of assets under management, will target increased flows into its single-strategy funds and multi-asset proposition, which offers multi-asset funds and managed portfolio services.
Nicholas Cooling, deputy chair of the Marlborough Group, said it was emerging from the crisis with "more ambitious growth plans than ever".
"We see a tremendous opportunity to work in partnership with more adviser businesses who share our entrepreneurial spirit, offering our experience and expertise to help them prosper and grow by achieving great outcomes for their clients," he said.
The North-west-based group is also planning to significantly expand its authorised corporate director (ACD) business, IFSL, by partnering with investment management and adviser firms to launch new funds.
All fund governance, risk and operations capabilities will be brought together within IFSL, meaning it will take over from Marlborough Fund Managers as ACD for the 18 funds in the Marlborough range, with Marlborough appointed as the investment adviser.
As a result, IFSL will be responsible for around £11bn of Marlborough Group and external fund assets, subject to regulatory approval.
To support this growth, Marlborough is to hire an additional 20 staff, and appoint current director of strategy and business development Richard Goodall as CEO. The new hires will take roles across departments including fund operations, marketing, sales and compliance.
The changes are expected to be implemented and completed before the end of 2021.
"The same highly respected investment teams will remain firmly at the helm and our investors can be assured it's very much business as usual," said Cooling. This will include both Marlborough's in-house fund managers and long-standing arrangements where third-party investment teams manage the funds.
Fund charges will also remain unchanged.
"The advantage for the group of the new operating model is that it creates two companies with very clear and distinct roles," said Cooling. "Marlborough will be our investment management company and IFSL will be the ACD business. That clarity of purpose will enable us to achieve still greater efficiency in the delivery of our business strategies and provide an excellent foundation for the next stage in our growth story."
Headquartered in Bolton, the group has continued to expand throughout the pandemic, recruiting nine new staff in strategic partnership, business development and admin roles to support the growth of the multi-asset business.
The group has also opened a new office in Bristol, adding to those in the North West, the Midlands, Cambridgeshire, London, Dublin and Guernsey.
First published by our sister title Investment Week