Richard Ford, the former chief executive of WH Ireland, and Ben Paton, an ex-fund manager at Fidelity International, are to set up an asset management business, according to media reports.

Ford will advise Paton on the firm’s structure and help secure part of the €25 million ($36 million) seed capital for a new long/short UCITS III fund, before taking a small stake in the business, reports Citywire.

“I’m only going to be a small partner and I intend to do the same for other fund managers who want to set up fund businesses,” said Ford, who left WH Ireland in 2010, in the report.

The new company, not yet named, will be a LLP with Paton in charge and also lead fund manager on the long/short Sun Value fund, which will reportedly be launched soon. Paton spent five of 13 years at Fidelity International as a fund manager.