European hedge fund managers John Lowry and Cyril Delamare have set up an investment advisory service at ML Capital, a firm providing a mix of advisory, consulting and business development solutions.

Shane Norman, a former fund manager with Rothschilds, is leading the company’s new advisory services using proprietary systems he developed.

The firm believes it can fill a gap in the market caused by private investors pulling out of alternative investments, giving the lead to institutional investors such as life funds, family offices and private banks.

“They are taking nothing on trust,” said Mr Norman at a reception launching the service last night, “so we’re advising managers how to meet today’s expectations and only when they’re fully prepared for the new marketplace will we introduce them to suitable investors in our network.”

The firm’s new advisory services have already won four clients, ML Capital said in a statement. The largest of these is M&G Investments, the investment management arm of Prudential. Other clients include New College Capital, in London and Southridge, a New York institution.

ML Capital is based in Malta and Geneva and owned by its management.