Former Cazenove European fund managers Chris Rice and Tim Russell have reportedly partnered to launch a boutique fund management firm.

According to report in Investment Week, the new firm will be launched in the second quarter of 2014 and will trade under the name Sanditon Asset Management.

Initially, the firm is expected to offer four products – long-only and long/short UK funds managed by Russell, and long-only and long/short European funds managed by Rice.

Rupert Tyer, who resigned his directorship at Cazenove in July, has been hired to serve on the board of the new company,

The report added that City financier Neil Canetty-Clarke is also expevted to join the firm as a non-executive director.

The boutique seeks to target fund of funds managers, and a discretionary and advisory audience with its UCITs-compliant fund offerings.