T. Bailey founders, the Forman Hardy family, are proposing a facility of £3 million to be used to further develop the successful boutique fund-of-funds manager.
As well as enabling the firm to offer clients a greater choice of funds by adding to the current range and developing its Third Party Administration offering, the investment will also allow it to expand its sales team to build closer relationships with IFAs.
Commenting on the investment, T. Bailey Chairman Nicholas Forman Hardy said: “At a time when many fund management companies have to cut back, we are investing in the business, subject to final FSA approval, so that our clients can look forward to an even higher level of service that combines traditional values with the benefits of a thoroughly modern approach.
“The investment, coupled with our plans to enlarge the fund range and sales team, illustrates the Board’s commitment to delivering excellent investment performance, while continuing to provide the exceptional service standards for which we are known.”
As part of a strategic review, T. Bailey is also pleased to reveal a number of personnel changes designed to further boost the firm; Richard Martin, who is retiring as Chief Investment Officer, will retain an advisory role within the business. Jason Britton is to become the new Chief Investment Officer, allowing him to focus on the funds under management. Peter Letley, who has held high profile roles such as Chief Financial & Administrative Officer, CEO & Deputy Chairman in key financial organisations including HSBC Group, will take over as interim Chief Executive Officer during the search for a full-time replacement.
Chief Investment Officer Jason Britton said: “T. Bailey is dedicated to delivering the best possible investment returns for IFAs and their clients. I am very much looking forward to being able to devote my time to ensuring we enjoy long-term strong returns.
“This is an exciting and dynamic time for the business, which is gaining momentum and positioning itself for the future. This gives reassurance to IFAs, something many of our competitors cannot achieve in this current financial environment.”
The recent appointment of former Barings Asset Management Chief Investment Officer Michael Hughes as a Non Executive Director is further evidence of the firm’s determination to create an even brighter future.
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