The blurring of the lines between fund and wealth managers

Neptune to launch a wealth arm

The rise of the vertically-integrated model appears to be an industry trend that is here to stay. Neptune Investment Management, the boutique fund house run by Robin Geffen, has become the latest group to announce it is in the early stages of launching a wealth arm, having hired former Brewin Dolphin head of research Matt Butcher.

What made the move unusual was the relatively small size of Neptune, which has £4.5bn AUM, and the fact it has decided to build an in-house wealth management business, rather than grow through acquisition in an industry that has seen an enormous amount of consolidation. As Lee Robertson, chief executive of Investment Quorum, said: "The lines between traditional advisers such as IFAs and advice-led wealth managers like Investment Quorum and investment managers and fund managers has been blurring for some time." Nevertheless, Neptune will face challenges moving into this area. Not only ...