Ex-Cofunds chief Williams eyes EIS market with new venture

Brett Williams, the former head of platform giants Skandia and Cofunds,
has moved into the EIS market with a series of launches through his new venture Old Burlington Investments (OBI.

Owned by private equity group LW², where Williams (pictured is a partner, OBI is launching two enterprise investment schemes as part of a wider drive into the alternatives market.

The first EIS – the OBI Renewable Energy fund – will invest in solar, wind, and energy saving technology businesses which have already secured government revenues.

Its second product – the OBI AIM Growth fund – will invest in start-up companies listing on the alternatives markets.

Managed by private equity specialist Percipient Capital on a discretionary basis, the fund offers investors a "narrow" portfolio of predominantly AIM-listed companies. OBI is aiming to raise about £5m for each investment initially, before offering two or three more tranches before the end of the tax year.

Both schemes will offer tax reliefs to UK investors and have a tie-in period of three years.

Williams, who joined LW² in January, said the business is aiming to become the alternative investment provider of choice for advisers as they look to diversify clients' portfolios away from equities, bonds and cash.

"RDR means advisers will have to look at different investments, and we believe alternatives are poised for very significant growth over the next three years," said Williams.

"Mainstream funds have been disappointing over the last decade, while the real return on cash is negative. This makes EISs more attractive, especially as the government is incentivising smaller businesses to help stimulate the economy."Williams said he aims to grow OBI over the long term by launching more EIS products and other alternatives into the market over time.

"I expect this market to grow significantly over the next few years, and we want to build a brand to allow us to bring other professional investments to the market," he said.

VCTs and EISs are currently at risk of falling under the FSA's new UCIS rules which would limit the range of investors who can access them.

Williams said investors needed to be properly advised on EIS and VCT investments, but warned the FSA risks muddying the water if it does not spell out the rules clearly to advisers.

"The FSA is in danger of confusing advisers and ruling out products that are appropriate for some of their clients to consider as part of a balanced portfolio," he said.

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