Even in a bad economy, Richard Tomlinson has proved that if you build it, they will come.
He opened the doors to Tomlinson Investment Consulting in London on June 3 and immediately received a rush of inquiries from institutional investors interested in setting up separately managed hedge funds. Mr. Tomlinson cut his teeth setting up separately managed accounts for more than seven years as head of multistrategy products at Old Mutual Asset Managers (U.K.) Ltd., London,
He left Old Mutual in February 2008 and began to pull his new firm together late last year, an absolutely horrible time to set up any other kind of investment-related company. But concern about fraud and fulfilling fiduciary duty became a front-burner issue for many institutional investors after the Madoff Ponzi scheme came to light last December.
There are not a lot of people for whom Bernie Madoff did a favor, but I'm one of them, Mr. Tomlinson said in an interview, noting that scams like that perpetrated by Bernard L. Madoff Investment Securities LLC, New York, are much easier to detect and avoid because separate accounts provide position-level transparency, third-party custody and valuation, asset ownership and control, and risk management. Christine Williamson