RIT Capital backs new Bill Winters venture

17th Feb 2011 08:34

Investment trust RIT Capital Partners is to take a stake in a new global alternative asset management and advisory firm set up by former JP Morgan Investment Bank big wheel Bill Winters.Winters, formerly the co-chief executive of JP Morgan Investment Bank, will initially own 50% of the new firm, which is to be called Renshaw Bay.The rest of the equity will be equally owned by RIT Capital Partners and Reinet Investments SCA, the Luxembourg-based investment vehicle that was demerged from the Swiss luxury goods company Richemont in 2008. "The business will work with sophisticated investors to develop their risk parameters, investments and trading vehicles. It will work with established funds and new investment companies to craft investments that are suitable for its investor clients," the company statement said. Bill Winters, RIT and Reinet each intend to invest substantial capital in these funds and investment vehicles. The business may also seek to build out or acquire its own investment management capabilities. Winters will become a non-executive director of RIT Capital Partners once Renshaw Bay has been set up.