Former Towry head of investment Andrew Wilson has revealed how his new firm will differ from his previous employer, whom he left earlier this year.
His latest venture Lockhart Capital is targeting investors with an average pot of £2.5m.
Mr Wilson has helped to found Lockhart Capital Management, where former colleagues from Towry, who are financial planners, have joined him.
Mr Wilson is chief investment officer for Lockhart and will run discretionary portfolios.
He said the minimum investment portfolio with which Lockhart will work is £1m, with £2.5m the average portfolio size.
He said “We will have only 150 to 200 clients.”
The partners in Lockhart will all be co-investing with clients of the firm in each of the investments.
He said Lockhart’s distinctiveness comes from combining the financial planning service and the portfolio management.
Mr Wilson said: “A lot of boutiques have launched as the cost of technology falls, but they tend to go down a route that is closer to being a stockbroker type model.”
Lockhart is Mr Wilson’s first foray since he left Towry earlier this year.
He said: “There was a natural inflection point as Tilney bought Towry and lots of people were going to leave.
"So I and my colleagues were looking around the industry. We then spoke to each other, after our respective gardening leaves, and thought, well, why can’t we do this ourselves.”
He said the target portfolio size and the fact Lockhart is aiming to have only between 150 and 200 clients means he is not really competing with his old employer, where the number of clients is much greater and the average portfolio size much smaller.
Mr Wilson spent 22 years at Towry, latterly as head of investment.
Lockhart Capital has offices in Cobham, Aberdeen and Leeds.
david.thorpe@ft.com
