Richard Werner, formerly a fund manager at Bear Stearns Asset Management (part of the stricken US bank Bear Stearns) and an economic advisor to the Bank of Japan, has established a UK asset management firm, said Financial News. Providence Asset Management, based in Winchester in the UK, has already received mandates from Austrian private bank Spaengler and Japanese firm Aizawa Securities to run funds expected to hold over $60 million after they launch within the next six months. The UK’s Financial Services Authority authorised the firm last month, opening the way for the firm to launch funds for UK and European retail investors. Mr Werner holds the chair in international banking at the University of Southampton’s school of management and has held advisory positions at a number of Japanese institutions including the Ministry of Finance and the Bank of Japan. He managed the Bear Stearns Global Alpha fund which launched in February 2006. The fund, which held $35 million at its peak, wound down at the end of last year.