Two ex- directors and a chief strategist at Deutsche Bank have set up an independent investment manager, Tacit Investment Management, What Investment reports. The London-based firm will target advisers and their clients with an investment process overseen by Raj Basra, Roy Swain and Peter Bickley. Tacit will be a trading name of Raymond James Investment Services as well as one of its affiliated offices in the U.K. Basra was a director at Deutsche, while Swain was formerly head of London intermediary group. Bickley was a chief strategist for the U.K. and a permanent member of the global investment committee at the German bank.

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