Mr Williams was previously chief executive of Selestia and Skandia Multi Funds following Old Mutual’s acquisition of Skandia in 2005. In this role he oversaw the integration of the Selestia and Skandia platforms and assumed responsibility for Skandia Life and Pensions and all UK distribution.

Speaking of his new company’s mission, the chief executive said: “The bottom line is the end investor does not go to an IFA for a product, he or she goes to solve a problem which requires a long term financial solution.

"It is our job to help advisors by providing the services needed to enable them to do their job; whatever challenges the difficult markets, lack of consumer confidence and the changing regulatory environment throws at them.There is an obsession at Cofunds to continue to grow and develop with advisors and their clients at this challenging time.”

Cofunds has assets under administration in excess of $22.4 billion (£14.8 billion), as at 6 January 2009.