Jonathan Wellum, former chief executive officer of fund manager AIC, has set up his own firm to advise private clients, according to Bloomberg.

Mr Wellum left the Ontario-based company in December 2009 after its Canadian mutual fund business was sold to insurance giant Manulife Financial.

Rocklinc Investment Partners will manage money for clients with an average of C$1.5 million ($1.46 million) to invest. Mr Wellum has accounts for about 20 families and would like to double that number within twelve months, the news agency added.