Cowley challenges 'tired' fund model with new advisory firm

Former Old Mutual bond manager Stewart Cowley has launched a new venture providing investment advice and portfolio management to advisers and fund groups.

Cowley (pictured), who managed the £559m Old Mutual Strategic Bond fund, left the fund manager in June after six years at the firm. His new business, Northfield Strategic Advisors, will combine giving independent asset allocation and investment policy advice to fund management companies and IFA networks, with portfolio management services and providing media commentary. Cowley said with total expense ratios still over 1% for many funds, his advisory model could reduce costs well below that, and give fund management firms the ability to switch managers without the HR problems associate...