Sir John Beckwith, a prominent figure within the asset management industry, is to focus on the launch of a new wealth management business following Thames River Capital’s recent sale to F&C Asset Management, according to CityWire.

The new wealth management business, which will be called River Wealth Management and focus on providing global multi-asset strategies, is in its “early stages of development” and is expected to be launched later this year, according to the publication.

“We will be providing bespoke and pooled global multi-asset class products, tailored specifically for family offices, high net worth individuals, charities and small company pension funds,” Sir John told the publication.

Sir John founded London and Edinburgh Trust in 1971, later floating the company on the London Stock Exchange with a market capitalisation of £27 million (around $41.4 million). After selling the business in 1990 he established Pacific Investments, which, along with affiliated company Red River Capital, founded a number of well-known asset management companies including Thames River Capital.

TRC was sold this month to F&C for a cash consideration of up to £53.6 million.