Ingenious Asset Management has named Michael Hanlon, latterly of Aegon UK, as business development manager, while simultaneously announcing that it had passed the £1 billion ($1.6 billion) mark in discretionary assets under management.

Hanlon was latterly based in Aegon’s Birmingham office, focusing on investment sales to financial advisors. He will now be responsible for promoting the Ingenious offering to the intermediary market.

The firm said that over the two years to 31 March 2011 its discretionary assets under management had increased by £325 million to £1.02 billion – a rise of 55 per cent.

Ingenious was launched in London in 2003, and invests primarily in global multi-asset portfolios.