A new London-based wealth management and investment advisory firm, Cerno Capital Partners, has been officially launched, unfazed by the challenge of starting business in a torrid financial climate.

Cerno’s portfolios encompass long-only equity, equity hedge, special situations, sector specialist, venture capital and macro strategies. They have a global approach, with no home country bias, Cerno said in a statement about its investment philosophy.

The business works with high net worth individuals, acts as a multi-family office for affluent families, and advises and manages charitable endowments.

“This is a great time to launch a wealth management business,” said James Spence, managing partner and co-founder with Nicholas Hornby. He added: “Many of our clients have high cash weightings, sense opportunity and are seeking advice on how best to position their portfolios. We are beginning to see some good value opportunities and would advocate increasing exposure to equities over the next 18 months.”

Mr Hornby previously spent three years with IWM Independent Wealth Management in Geneva and London, focusing on manager research and selection. Prior to that role, he was head of Asian equity sales at Credit Lyonnais Securities Asia in London and head of research for two of Cazenove’s Asian offices.

Mr Spence qualified as a chartered accountant with Coopers & Lybrand and was a highly ranked equity analyst with WI Carr and Paribas before taking on an equity strategy role at UBS Investment Bank. Mr Spence worked with Mr Hornby in 2007 as partners at IWM Independent Wealth Management.

Both men are advised by several industry experts in non-executive positions on the firm’s investment and advisory committees. They include George Robinson and Hugh Sloane of Sloane Robinson, Richard Oldfield of Oldfield Partners, Martin Smith, co-founder of private investment bank Phoenix Securities and former deputy chairman of New Star Asset Management, and Russell Napier, the Edinburgh-based global market strategist.