Former Cazenove European fund managers Tim Russell and Chris Rice are planning to launch a new boutique fund management firm.

The new firm will be named as Sanditon Asset Management and is scheduled to be launched in the second quarter of 2014 after FCA approval.

The boutique intends to offer four funds that comprise of one European long-only fund, one European long-short, and UK long-only and long-short funds.

Russell and Rice have appointed Neil Canetty-Clarke, a finance director at Guardian Media, and Rupert Tyer, a former Cazenove non-executive director, to serve as directors for the new company.

The business will target fund of funds managers, and a discretionary and advisory audience with its UCITs-compliant fund offerings, which will have high performance targets.