Richard Romer-Lee and Nigel Whittingham, the founders of OBSR, have launched a new investment consultancy and fund rating business.
The new business, which is named as Square Mile Investment Research and Consulting, is scheduled to officially open in January 2014, Investment Week reported.
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David Pickles, the former director of Henderson, has been appointed as director of the new business, while Richard Romer-Lee and Nigel Whittingham will run the business.
According to Romer-Lee, "Market has moved on with changes and regulation. RDR has turned a lot of businesses on their heads. There would be no point in an OBSR mark two. There is a big trend going on about burden of risk and a rise in the onus of responsibility, so there is a market for this.
"With the business still in the planning stage, Romer-Lee hopes Square Mile Investment Research and Consulting will be operational by 2014. "We are hoping to have some services – such as fund rating – up and running by the New Year. Parts of the business will be FCA regulated, that is subject to discussion. We are still in planning stage," Romer-Lee added.
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