Former Liontrust managers Jeremy Lang and William Pattisson plan to set up a new asset management boutique.
Slated to launch by September, Lang and Pattisson are financing the venture - called Ardevora Asset Management - and will also seed the company's portfolios, according to Financial News. The duo also plans to hire two additional fund managers.
The company will focus on long/short UK and global portfolios with absolute return targets between 7% and 10% a year. It has yet to receive approval from the Financial Services Authority.
Pattisson says: "We want to build a sensible business. We are looking forward to the next 20 years, not to sell out in five years. At Liontrust, people were worried that we were not locked in. We want to have complete control of this business, with no outside shareholders."
Lang and Pattisson resigned from Liontrust in January last year. At the time, they were responsible for more than 90% of the company's £3.4bn in assets under management.
The pair have worked together for most of the past 24 years, after starting their careers on the same day at James Capel in 1986.
