Key Takeaways
- • Capel Asset Management, a defined outcome and multi-asset boutique, launched on October 5, 2026, following a management buyout from Downing LLP, with three former Downing investment professionals—Russell Catley, Paul Adams, and Jon Gumpel—leading the new firm.
- • The firm launches with approximately £405 million in assets under management and two initial funds focused on defined outcome strategies.
- • Capel's investment strategy centers on portfolios of gilts and global equity autocallables, targeting capital growth of 8-10% annually through defined outcome, multi-asset solutions.
Summary
Capel Asset Management officially commenced operations on October 5, 2026, as a newly independent boutique specializing in defined outcome and multi-asset investment strategies. The launch followed a management buyout transaction that separated the business from its former parent, Downing LLP. The firm is helmed by three senior investment professionals from Downing: Russell Catley, Paul Adams, and Jon Gumpel, who led the team executing the spinoff.
The boutique enters the market with approximately £405 million in assets under management and a focused product suite consisting of two funds. Both offerings emphasize defined outcome strategies, a market segment that has gained institutional traction in recent years. The firm's investment approach combines exposure to gilts and global equity autocallables, positioning itself within the broader alternatives and liquid alternatives space.
Capel's stated investment objective is to deliver defined outcome, multi-asset solutions targeting annual capital growth of 8-10%. This target reflects the firm's positioning in a competitive alternatives market where investors increasingly seek structured approaches to capital preservation and steady returns. The defined outcome ETF category itself has demonstrated significant growth potential, with industry projections suggesting substantial expansion over coming years as institutional allocators seek alternatives to traditional equity and fixed-income allocations.
The boutique enters the market with approximately £405 million in assets under management and a focused product suite consisting of two funds. Both offerings emphasize defined outcome strategies, a market segment that has gained institutional traction in recent years. The firm's investment approach combines exposure to gilts and global equity autocallables, positioning itself within the broader alternatives and liquid alternatives space.
Capel's stated investment objective is to deliver defined outcome, multi-asset solutions targeting annual capital growth of 8-10%. This target reflects the firm's positioning in a competitive alternatives market where investors increasingly seek structured approaches to capital preservation and steady returns. The defined outcome ETF category itself has demonstrated significant growth potential, with industry projections suggesting substantial expansion over coming years as institutional allocators seek alternatives to traditional equity and fixed-income allocations.
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