April 19, 2024
Former Tees Wealth head launches investment management firm with P1


Former Tees Wealth investment head Kieran Follis has teamed up with P1 Investment Services to launch a boutique investment management firm.

Magellan Research and Investment (MRI) will offer a “highly focused” range of actively managed, risk-adjusted model portfolios designed for financial advisers and their clients.

Magellan model portfolios will be available on several advisory platforms as well as the P1 Platform and are backed by a seven-year performance track record with the same experienced investment team at the helm.

A discretionary managed portfolio investment service on a more individual, bespoke basis will also be offered.

MRI will operate under the P1 umbrella, using the firm’s regulatory, administrative and tech support framework, as well as its low-cost, digital-only investment platform.

Follis was previously a divisional director with Gerrard/Barclays Wealth and, most recently, head of investment management at Tees Wealth in Bishop’s Stortford.

Commenting on the launch, he said: “The Magellan ethos is ‘to make a difference’, with extremely high levels of client service and a total and absolute focus on investment performance at the forefront of everything we do.

“The ongoing spate of M&A within the investment industry fills us with dismay. It speaks to the herding of clients, homogenous portfolios and an increasing lack of differentiation between what seems an ever-decreasing circle of fewer, but very large firms.

“We are determined to work as true client managers, not simply client gatherers. Professionally, we also want to shine a bright light into the dark corners of the DFM world, where fees can remain stubbornly high, but returns often disappoint.

“Having met with several platform providers in our build-out of Magellan, we found P1 to be head and shoulders above all of them.

“They share our vision of careful growth and, as close partners on our journey, stand beside us with the resources and skill we need to help us every step of the way.”

P1 chief executive James Priday added: “Kieran bringing his business under the P1 umbrella is a natural fit for P1 and we’re excited to have Magellan Research & Investment onboard. P1 is always looking to work with innovative investment managers.

“We look to support them in the same way that we support advice firms; by letting them focus on the job by removing operational and administrative burden.

“Kieran understands the importance of embracing technology to reduce costs and provide better services to advisers and clients.”

Magellan will join P1 alongside several investment managers operating their businesses under P1’s umbrella.

These include Elston Portfolio Management, Corrival Capital Management, Pangea Impact Investments and Five Horizons.

Last month, P1 Platform launched a new reporting feature, Report Pilot, to ease financial advisers’ admin burden.

The low-cost adviser platform said the new reporting feature will free advisers up to focus on client advice and profit-generating services.

In November last year, the business launched a new customer app to allow advised clients to see everything on their platform account.





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