A new London-based investment boutique, RMG Wealth Management, has opened its doors for business, founded by a three-strong former Royal Bank of Canada team.

At RBC David Man, James Gates and Stewart Richardson worked together as a team serving UK clients up until late 2006. Messrs Stewart and Man had worked together previously at Merrill Lynch from 1999, and subsequently joined RBC in 2002, when Mr Gates joined the team. Collectively, the trio have over 50 years’ experience in managing money for private clients.

RMG Wealth Management, which received regulatory approval in early December 2009, is based in Austin Friars in the City. At the new boutique Mr Richardson oversees all aspects of investment management, including risk management, fund manager research and asset allocation, Mr Man is responsible for client relationships and business development and Mr Gates liaises with business partners such as the regulator, market counterparties and the custodians of assets.

While the ramifications of 2008’s financial crisis continue to reverberate throughout the industry some firms are making use of these turbulent times at what some would say is an ideal time to enter the market. With investors still smarting from massive losses related to the credit crunch, disillusionment with the larger firms is arguably a prevalent theme, leaving new start-ups well-placed to capitalise on the desire for a boutique-style approach.