Cornelian Asset Managers, an Edinburgh-based private client asset manager founded by former Scotland ruby player Jeremy Richardson, has ambi...

Cornelian Asset Managers, an Edinburgh-based private client asset manager founded by former Scotland ruby player Jeremy Richardson, has ambitions to grow funds under management to more than £1 billion ($1.8 billion), according to reports in the Scottish press. Mr Richardson said his plans included the possibility of acquisitions of other private-client fund management businesses. “We believe we could reach £1 billion, conditional on a deal. Consolidation in the sector throws up lots of opportunities for us. But we would d like to grow assets organically to over £200 million before we do any deals,” he told the Sunday Herald. Mr Richardson said that even without corporate activity, Cornelian can take its funds under management from the current level of £152 million to £500 million within three to five years. The fund management business bought itself out of the Edinburgh-based financial firm Noble Group in 2000. Last month, Cornelian launched two Open Ended Investment Companies. Cornelian recently hired John Jackson from National Australia Bank as chief operating officer. The fund manager has also hired Allan Nicolson, a partner in law firm Maclay Murray & Spens, as a non-executive. Its existing non-executives include chairman Graeme MacLennan (a founder of Edinburgh Fund Managers ) and David Ritchie (formerly Scottish Widows’s chief investment officer).