Neptune Investment Management is this week to launch an independent multi-manager subsidiary, which will be headed by John Husselbee.Husselbee, who left his position as director of multi-manager investment at Henderson Global Investors in June, is scheduled to join Neptunes new multi-manager business on August 1 and has already recruited his team. The name of the subsidiary is expected to be announced this week. The independent subsidiary is wholly owned by Neptune and will have access to administration, sales and marketing support through the group, according to Robin Geffen, managing director of Neptune. Neptune says it will also be bringing the management of its Quilter multi-manager funds Quilter Global Growth and Quilter Global Income in-house. Husselbee and the multi-manager team at Henderson were previously responsible for fund selection for the Quilter funds, which will be rebranded under the Neptune name in the next few weeks. The funds will also be converted under the new Collective Investment Schemes Sourcebook (Coll). The fund management structure for the Quilter funds will remain the same, with Husselbee continuing to select funds for the portfolios and Geffen retaining responsibility for asset allocation. New funds are likely to be added to the multi-manager range in due course, says Geffen. According to Neptune, the Quilter funds will remain core to the firms multi-manager range and the group will aim to grow these funds further. The subsidiary will be based in the City, rather than at Neptunes head office in Hammersmith, in order to underline its independent nature, says Geffen. Neptune has been involved in the multi-manager business for the past year, since it purchased the Quilter Fund Management business in July 2004, which included two multi-manager funds and two unit trusts. According to TrustNet, in the year to July 28 the Quilter Global Growth fund has returned 37%, compared with a sector average of 25% for funds in the IMA Global Growth sector. Over the same period, the Quilter Global Income fund also in the Global Growth sector returned 24.9%.