Rupert Forrest, a former private banker at Barclays Wealth & Investment Management, has decided to go it alone with a new venture in Leeds.
Forrest has set up as a branch principal for Raymond James in Leeds. The new office is a commercially independent branch of Raymond James Investment Services, offering bespoke portfolio management.
Forrest’s new office will take on the Raymond James banner, unlike other boutiques that operate with a different name but plug into the back office system.
The portfolios will have a guideline asset allocation and buy list, which primarily invests in funds, investment trusts and ETFs. Where appropriate, Forrest will also hold direct equities.
As client numbers increase, the office head plans to hire additional investment managers in time.
Forrest declined to disclose the fee structure. ‘It is exciting to establish a new branch in Leeds, where I am at the heart of Yorkshire’s flourishing financial community,’ he said.
‘The plan is to grow organically and to bring in new hires as soon as client service levels demand it. The client needs come first. I have secretarial support within the office set up at the moment and rely on the Raymond James team for my back office support.’
Previously Forrest worked as an investment manager at Investec Wealth & Investment between 2007 and 2011.