Chelverton spins off private capital business to focus on 'core' funds

Launched Macaulay Capital

Chelverton Asset Management is separating its private capital interests in order to zone in on its “core investment funds” business.

In a statement, the group said that the private equity side of its business "has remained less well developed" than its open-ended portfolios and as a result it is being "spun off" as Macaulay Capital PLC, which floated on the Aquis Stock Exchange (AQSE) today. Chelverton's core funds business is comprised of several UK small-cap focused portfolios, many of which are led by the group's founder David Horner. He has taken on the CEO role of Macaulay Capital, but will remain the managing director at Chelverton. His Chelverton colleague Richard Bucknell, who was investment director of unq...