UK- Multi-manager outfit, Investment Manager Selection (IMS), has marked its expansion into Europe with the appointment of David Furlong as its sales and client servicing director. Furlong becomes the latest in a line of people to join IMS from S&P Fund Research (now Standard & Poor’s Fund Services).

Five of IMS’s investment professionals were previously at S&P Fund Research. Richard Timberlake and Nigel Slade, two of IMS’s three heads were senior executives at the Standard & Poor’s subsidiary, and only last month Neil Clare joined the IMS research team from S&P.

IMS has won three European mandates this year, and managing director Nigel Slade believes Europe will see continued growth in the multi-management market.

Furlong explains why Europe has seen more interest in this area: “the number of funds are increasing, and the selecting and monitoring process is becoming more difficult. People are realising that this process is worthy of full-time dedication.”

‘Furthermore, do-it-yourself funds have led to disappointments – even by some of the well-known asset managers.”

Says Furlong: “multi-management offered investors the opportunity to diversify the number of managers exposed and to create style diversification.”

IMS was launched in 1999, and now manages and advises on over £1.4bn of assets on behalf of life companies, banks, wealth management companies, and asset management companies.