Currie’s Seneca Partners to raise £5m EIS fund
DEALMAKER Ian Currie has taken the wraps off Seneca Partners, a new venture offering investment, wealth management and corporate finance advice.
Currie, who left the Manchester-based Zeus Group a year ago, will raise a £5m Enterprise Investment Scheme (EIS) fund to make investments in exciting small companies.
Currie will split his time across bases in Haydock and Manchester city centre.
He has formed a strategic alliance with long-time associate Norman Molyneux, director of Acceleris – a niche Manchester-based corporate finance adviser.
In the short-term Seneca’s corporate finance function will act as an appointed representative of the FSA-regulated Acceleris.
Currie told TheBusinessDesk.com: “I am delighted and excited to be bringing Seneca to the market. We will be looking for solid, cash generative businesses to invest in. In the short term we’re raising £700,000 for Seneca and via the EIS scheme.”
The other Seneca partners and investors are Steve Charnock, Richard Manley – who have been working with Currie at Cenkos Fund Managers – and experienced wealth manager Alex Dymock, who has joined from Credit Suisse.
Further appointments on the wealth management side are expected in the coming weeks.
Currie added: “I am convinced there is demand for Seneca Partners – wealth managers want to be able bespoke products for their clients and we can offer that.
“Our relationship with Acceleris is important – Norman is a specialist in EIS, and we know there is demand for that too. A combination of his expertise and our contacts will be great.”
He believes that now is a good time to launch a business again – and that Seneca’s newness won’t be a barrier to attracting good quality people, or clients.
“I don’t think the fact that we haven’t been around for 200 years counts for a great deal any more – people are looking far wider for investment opportunities.
“I think we’ll also be able to attract high calibre people in a market like this, rather than in a boom time.”
As well as Seneca Currie has interests in Cenkos Fund Managers which is fund manager for the Rapid Realisations Fund, SIP-provider Liberty, stockbroker Hedley & Co and Palatine Private Equity.