Industry veteran Kieran Follis has launched boutique investment firm Magellan Research & Investment under the P1 Investment Services umbrella.
Magellan, producing actively-managed model portfolios, will be offered on the P1 platform as well as other advisory platforms. The boutique will also offer a discretionary managed portfolio investment service.
Follis has over 35 years of experience in wealth management, working previously as the head of investment management at Tees Wealth in Bishop’s Stortford and before as divisional director for Gerrard, going through its purchase by Barclays Wealth.
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“The ongoing spate of M&A within the investment industry fills us with dismay. It speaks to the herding of clients, homogenous portfolios and an increasing lack of differentiation between what seems an ever-decreasing circle of fewer, but very large firms,” Follis said.
“We are determined to work as true client managers, not simply client gatherers. Professionally, we also want to shine a bright light into the dark corners of the DFM world, where fees can remain stubbornly high, but returns often disappoint.
“Having met with several platform providers in our build-out of Magellan, we found P1 to be head and shoulders above all of them. They share our vision of careful growth, and as close partners on our journey, stand beside us with the resources and skill we need to help us every step of the way.”
P1 Investment Services holds 91 platform adviser firms and 75 investment management firms. It has, in total, £1.21bn assets under management and administration.
James Priday, P1 chief executive, said: “Kieran bringing his business under the P1 umbrella is a natural fit for P1 and we’re excited to have Magellan Research & Investment onboard. P1 is always looking to work with innovative investment managers.
“We look to support them in the same way that we support advice firms; by letting them focus on the job by removing operational and administrative burden. Kieran understands the importance of embracing technology to reduce costs and provide better services to advisers and clients.”
