Garraway Capital Management will use the transfer of £250 million in client assets from collapsed City Financial as the foundation for a big push into the funds market.
City Financial, which fell into administration last week, transferred its City Financial Absolute Equity fund, along with the City Financial Multi Asset Growth, Diversified, Dynamic, Balanced and Fixed Interest funds to Garraway earlier this month.
Following the transfer, the funds will be renamed:
VT Garraway Absolute Equity Fund
VT Garraway Diversified Fixed Interest
VT Garraway Multi Asset Diversified
VT Garraway Multi Asset Dynamic
VT Garraway Multi Asset Balanced
VT Garraway Multi Asset Growth
Garraway managing partner Hiren Patel said: 'This represents a major step forward for us and signals our ambition to build a diversified suite of funds under management that share our characteristic distinctiveness and differentiation.
'Each of these funds is run by experienced and well-respected fund managers who offer a distinctive approach that can enhance returns or help diversify investor portfolios.'
Garraway, which is named after one of the 17th-century coffee houses that housed the early trading which would became the London Stock Exchange, was established by private equity firm Anath Capital Group in May 2015.
Its fund managment team is now six-strong following the additions of Crawford and Harris.
The team includes Oriel Asset Management founder David Urch, who has also had spells at Scottish Widows Investment and Marin Currie.
The addition of the City Financial assets increases Garraway's assets under management to £350 million.
'Garraway offers its fund managers a distribution network as well as the regulatory and support infrastructure they need without requiring them to compromise on investment policy or style,' Patel said.
'A big part of this [City Financial] transaction is also about attracting both emerging and established fund manager talent who wish to benefit from our comprehensive support and stable platform.'
'We are really excited by this move and what it means for the future of our fund business.'