UK-based Cheviot Asset Management has added a total of four new partners to its team in recent weeks, with the latest, Paul Sexton, appointed yesterday, WealthBriefing can exclusively report.

Paul Sexton, who runs a family office business and previously worked at Close Brothers, has joined Cheviot, Michael Kerr-Dineen, chief executive, said.

Meanwhile, Tom Davies, who was recently number two to Prince Rupert Lowenstein, the investor and banker who once financially advised rock legends, the Rolling Stones, has joined Cheviot, Mr Kerr-Dineen said.

Other recent appointments include Clive Richardson, an internet entrepreneur and a former vice president at US money manager AllianceBernstein, and Ned Naylor-Leyland, formerly of Smith & Williamson. He runs a precious metals fund.

“What this says is that the future of the firm remains as an independent partnership structure, with the strength of professional relationships with clients and investment professionals both in general terms and with high areas of expertise in specific areas,” Mr Kerr-Dineen said.

“We are winning substantial amounts of new money from clients that were not previously well-served,” he said. Cheviot has around £2.5 billion in assets.

The current financial turmoil has proven a big “stress test” for Cheviot’s business model and it has proven robust, he said, adding: “We are way above the watermark for break-even because new money we are bringing in this year has gone about 80 per cent to offset market falls on existing portfolios.”

Mr Kerr-Dineen was asked whether losses recently sustained by hedge fund Toscafund, which is owned by Old Oak Holdings, were a concern to Cheviot because Old Oak owns a 40 per cent stake in Cheviot. Mr Kerr-Dineen said Toscafund’s financial position was “irrelevant” to Cheviot's own financial health.

Cheviot was created in 2006 when about 80 former Laing & Cruickshank employees that had been acquired by UBS subsequently joined Mr Kerr-Dineen.