Alan Miller wants to capitalize on wealthy investors frustration with hedge funds by offering investments that boast transparency, liquidity and low cost: 75 basis points and a 5 percent performance fee.
Miller, 45, a former hedge fund manager and onetime CIO of New Star Asset Management, in February started London-based wealth management firm Spencer-Churchill Miller Private with Alexander Spencer-Churchill, the duke of Marlboroughs 26-year-old socialite nephew.
Miller declines to disclose his capital-raising target, but he has reportedly made more than £30 million ($48.98 million) over his 19-year career as a fund manager and invests much of his own fortune using the new firms strategy, which relies on actively managed allocations to a range of exchange-traded funds.
"ETFs are fantastic building blocks," Miller says. "By constructing our portfolios with ETFs, I can concentrate on the most important decision: being in the right markets."