Former chairmen of the world’s largest wealth manager, and mining group Glencore, have joined forces to create a new advisory business, media reports said.

Former chairmen of the world’s largest wealth manager and mining group Glencore have joined forces to create a new advisory business, media reports said.

Luqman Arnold, who left UBS in 2001, and Simon Murray, latterly chairman of Glencore who left after its merger with Xstrata, have created a firm called Cartesius Advisory Network.

The firm will advise companies, entrepreneurs and policymakers on issues such as mergers, capital raising and corporate finance.

A report by the Financial Times said the duo are joined by three other partners in the shape of Ken Anderson, former vice-chairman of UBS and head of its global health team; Mitchel Lenson, previously group chief information officer at Deutsche Bank; and Paolo Tanono, founder of Milan-based HNF Law.

After leaving UBS, Arnold was chief executive of Abbey National and then ran a financials investment company called Olivant Limited, which is being wound down, the FT said.