Vermeer Partners, a UK wealth management partnership, has announced its AUM has hit £1bn in the four months since launch.
The business was set up by Michael Kerr-Dineen and Simon Melling, respectively as chairman and CEO.
Kerr-Dineen previosly took Laing & Cruickshank out of Credit Lyonnais and then sold it to UBS. Subsequently, he left and foundted Cheviot, which merged with Quilter and subsquently was acquired by Old Mutal.
Melling, was CEO of stockbroker Cenkos Securities.
Respectively experiences led to the new venture being set up as a partnership rather than any other structure involving external shareholders. Vermeer Partners sees a trend towards transparency and personalisation as commoditisation hits large sized wealth managers, leading to developments such as rising minimum investments.
The London based business has some 26 partners and total staff of 40.
Kerr-Dineen said: "When we originally started thinking about the concept two years ago, it was clear there was a real need for a business like Vermeer Partners to offer investment professionals the opportunity to serve their clients in an environment of trust. Recent events in the investment sector have shown how great this need really is. Private clients are understandably shaken by recent events and the catastrophic failures of 'rock-star' fund managers. They are searching for a firm with the values that we week to embody, and we are proud to serve them."
Simon Melling said: "We are delighted by the confidence our clients have shown us at this early stage in our development. We acknowledge our responsibility to look after them and their investments to the best of our ability and deliver a service that is worthy of them."