Alchemy founder Jon Moulton launches new investment fund

According to the Daily Telegraph, the firm is still finalising regulatory clearance from the Financial Services Authority. Moulton is planning to put together a £100m vehicle using investments from pension funds and other strategic investors. Despite the downturn, Moulton has predicted a rosy future for the turnarounds industry, saying that "a large market will appear shortly".

Moulton quit Alchemy two months ago in a shock move following a dispute with managing partner Dominic Slade. In his resignation letter, Moulton criticised the future direction of the firm, writing: "Dominic Slade now wishes to convert the firm to a specialist financial services firm. I do not support this strategy. It’s contrary to the positioning we have created with investors and deal sources and wastes a spectacular opportunity in our area of perceived greatest strength. It likely adversely affects the partnership economically."

Moulton wished the firm to remain focused on its traditional areas of the industrial and consumer sectors. We’ll keep you posted on the progress of his new firm.

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