Arcanum Asset Management, which specialises in options trading, has received approval from UK regulator FCA to manage client money on a discretionary basis.
Commenting on the development, Paul Gleeson, principal at Arcanum Asset Management, said: "We know that there’s an appetite among HNWs and some institutional investors for a high performing segment of their investment portfolios and we aim to fulfill that need."
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Gleeson founded Arcanum Investment Management in 1997, with aim of developing trading options to monetise the volatility in equity indices. The company was sold off in 2006.
However, Gleeson continued to manage his own money and on behalf of friends and in July, received approval for Arcanum Asset Management.
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