Stuart Alexander, the former managing director at Close Brothers, has set up a third-party distribution firm that plans to launch in-house funds later in the year.
Gemini Investment Management was set up at the beginning of this year to allow fund management firms to widen distribution to British investors.
Alexander says: “I came across a number of businesses that have good- quality products but little ability to get to the market. I set up Gemini to distribute on a third-party basis and later in the year we will apply to the Financial Services Authority (FSA) to launch a Gemini Oeic.”
He adds that he has fund managers lined up to run the products, which will invest in a mixture of equities and alternative investments.
Gemini already distributes the Sapphire Global fund on behalf of HFX Capital Management.