Openwork hires Tilney's head of investment to launch discretionary service
Available in April
Advice network Openwork has hired former Tilney head of investment Toni Meadows as it launches a discretionary fund management service offering bespoke strategies managed by Woodford Investment Management (WIM), Schroders and Columbia Threadneedle.
The service, which will be only be available to Openwork advisers and their clients, will use its Omnis' range of specialist sector funds, which includes strategies run by WIM and Schroders.
Available in April, it is aimed at investment professionals looking for a cost-effective tailored solution for clients seeking to outsource tactical asset allocation decisions.
Meadows, joining as head of investment, will head up the team that will manage the portfolios.
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He worked at Towry, which was acquired by Tilney Bestinvest last year, and has also held roles at Close and Ashcourt Rowan.Mark Duckworth, CEO of Openwork, said: "The discretionary service is designed to appeal to those who desire one-stop access to some of the world's best fund managers, but with the tactical asset allocation decisions outsourced to a dedicated investment team."
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"Our size, scale and buying power mean we can offer these services very cost-effectively to our customers. We are extremely pleased to have attracted someone of Toni's calibre to lead this proposition."
Meadows said: "I am delighted to be joining Openwork at such an exciting time for the business. Many advisers will find a discretionary service appealing at a time when political risk and an uncertain economic backdrop are increasing volatility and making short-term asset allocation decisions very challenging."
