Key Takeaways
- • Russell Catley, Paul Adams and Jon (Jonathan) Gumpel, fund managers formerly at Downing, have launched Capel Asset Management, a liquid alternatives boutique, following a management buyout (MBO) of Downing's liquid alternatives business.
- • Capel launched on 5 October 2026 and is reported as having about £405m in alternatives assets, according to a headline describing the firm as a £405m alternatives boutique.
- • The buyout includes Gumpel's multi-asset fund, which Downing Liquid Alternatives had added to its suite as MGTS Downing Diversified, a fund reported at about £120m.
- • Downing, a UK investment manager founded in 1986 with about £2bn in assets under management, is the source business from which the team has separated.
Summary
Russell Catley, Paul Adams and Jon Gumpel have set up Capel Asset Management, a specialist liquid alternatives asset manager, following a management buyout of the liquid alternatives business of Downing, the UK investment management firm. Capel was launched on 5 October 2026, according to the firm's launch announcement as reflected in trade coverage, and is described by Citywire as the UK's newest fund firm.
The former Downing team is reported to be running about £405m of alternatives assets under the new firm. The business stems from the MBO and is positioned as a liquid alternatives boutique. Publicly available profile information indicates Gumpel is listed as a fund manager at Capel, having previously served as a fund manager at Downing Liquid Alternatives.
Downing Liquid Alternatives had earlier expanded its suite by adding Gumpel's multi-asset fund, which was renamed MGTS Downing Diversified and reported at about £120m. Earlier Downing appointments had seen Adams named Head of Liquid Alternatives Sales and Catley named Head of Retail. Full terms of the buyout, including consideration and ownership structure, were not available in the source material reviewed.
The former Downing team is reported to be running about £405m of alternatives assets under the new firm. The business stems from the MBO and is positioned as a liquid alternatives boutique. Publicly available profile information indicates Gumpel is listed as a fund manager at Capel, having previously served as a fund manager at Downing Liquid Alternatives.
Downing Liquid Alternatives had earlier expanded its suite by adding Gumpel's multi-asset fund, which was renamed MGTS Downing Diversified and reported at about £120m. Earlier Downing appointments had seen Adams named Head of Liquid Alternatives Sales and Catley named Head of Retail. Full terms of the buyout, including consideration and ownership structure, were not available in the source material reviewed.
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