Fund of funds specialist T. Bailey has added another client to its growing fund administration business after winning the mandate for Discovery Asset Management.
The £31m Discovery OEIC is divided into two sub-funds – a Managed Growth Fund (managed by North Investment Partners) and a Balanced Fund (managed by Cheviot Asset Management).
Discovery’s Anthony Harding said: “The key factors in our decision to choose T. Bailey were the strength of their compliance department and the fact that the administration is kept in-house and handled by a small professional team of people we know and trust.
“There’s a strong cultural fit between our two organisations – we’re both boutiques, focused on excellence, good client service and committed to delivering good value.”
T. Bailey, which carries out all of its own administration in-house, already looks after funds from two other groups – Doherty and Wise.
It won the mandate to act as Authorised Corporate Director and Administrator for Belfast-based Doherty’s £50m fund range at launch a year ago.
Gavin Curran, Investment Manager at Doherty, said:
“Launching an OEIC is not easy but T. Bailey has been a great support. I like the fact that when you pick up the phone to discuss any issue you get someone who understands exactly what you’re trying to achieve and what you need. We get all the data we require quickly. Working with T. Bailey has been a really positive experience.”
T. Bailey took over the ACD stewardship and administration of Wise in September 2007 and in October last year supported the wealth management firm, which is based in Oxfordshire and Berkshire, through the launch of its newest fund – the Evenlode Income Fund, run by former Rathbone manager Hugh Yarrow.
Helen Stevens, Client Services Manager at T. Bailey, said: “Wise and T. Bailey have grown together in the past three years. We are now building on that successful experience. We are not and never aspire to be a mass-market ACD and administration provider – we are a bespoke alternative to the mainstream firms. We look for relationships where we see a good fit, and we see that fit with the Discovery funds.
“We are best known for investment management and the T. Bailey fund of funds range, but the growth of our third party administration business, largely by word of mouth, is evidence that our reputation for delivering first–class ACD services service is growing too.”
Submitted by: Helen Stevens
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