Britannic Asset Management has launched a second new alpha fund management boutique. The Edinburgh-based boutique is designed to offer custo...

Britannic Asset Management has launched a second new alpha fund management boutique. The Edinburgh-based boutique is designed to offer customers an alternative to BAM’s "in-house style". The yet-to-be named group will be run and co-owned by David Stevenson and Andrew Kelly, both of whom are currently work for SVM Asset Management. The new boutique will be entirely autonomous and free to follow its own investment process and style. Under the arrangement, Britannic will launch a UK opportunities unit trust and a UK equity long/short hedge fund. Gavin Stewart, BAM chief executive, said: "Some customers want money managed in a different way. Some think fund managers operate better in a boutique environment." BAM’s first joint venture, Argonaut is up 25 per cent in four months and has already attracted over £80 million ($145 million) of funds.