The financial terms of the deal were not disclosed.

Rupert Caldecott and Neill Blanks have bought out the wealth management operation from UK-based Dalton Strategic Partnership (DSP), launching a new investment management business, RM Caldecott & Partners (RMCP), with its existing high net worth clients.

RMCP is backed by a number of investment figures including former Waverton Investment Management chief executive Hugh Grootenhuis and Tom Chandos, the former non-executive director of Sandaire, the firm said in a statement.

The financial terms of the deal were not disclosed.

Caldecott and Blanks have run the private client business of DSP for more than 10 years, and now believe they can use their knowledge to make the new firm a success. Caldecott is known for managing absolute return portfolios based on an active global asset allocation strategy. 

“The launch has enabled RMCP to retain its strong connection with the investment resources provided by DSP, but will also allow the partnership to attract senior investment professionals and to develop its business accordingly,” Caldecott said. “RMCP’s approach will continue to focus on the wealth management needs of its individual private clients and in particular to deliver an asset allocation framework that is simple, effective and inexpensive”.

Blanks and Caldecott will continue to manage the Melchior Global Conservative Fund, which they have managed for over five years and which will now be marketed externally for the first time.

RM Caldecott already has its Financial Conduct Authority authorisation and is regulated through Thornbridge Investment Management.