The pair formerly worked closely together at Sanford Deland where Banyard launched and managed the CFP Free Spirit Fund (Free Spirit). Vaughan took over management of Free Spirit following Rosemary’s departure from the company in 2019.

Banyard said: “Andrew has over 20 years of experience in the industry and proven stock-picking abilities. He will generate new ideas as we grow our AuM, but also challenge our existing positions in DUO. We share a common philosophy and investment style which focuses on very good quality businesses with strong finances, superior returns on equity and demonstrable barriers to competition.”

Examples of the "unique" types of companies with the characteristics Banyard and Vaughan typically seek out include fantasy hobby miniatures company Games Workshop; Kainos, an IT provider; Tatton Asset Management, an on-platform discretionary and IFA support services group; and Diploma, a specialised technical products and services provider. DUO is a relatively concentrated portfolio of between 25 to 40 positions which adopts an unconstrained approach. The fund invests in UK companies across a broad market cap spectrum but with a focus on UK mid- and small-caps, including the Alternative Investment Market (AIM). The fund recently passed its three-year anniversary, having been launched during the Covid pandemic. Since its launch, the accumulation units in DUO rose by 43.6 per cent to 30 April 2023.

Downing Fund Managers is part of Downing LLP, a responsible investment manager established in London in 1986. Downing manages £1.9 billion ($2.3 billion) of assets under a broad range of investment mandates across its funds, investment trusts and tax-efficient products. Focused on creating a sustainable future, its key investment areas are renewable energy, infrastructure, property and healthcare.