Bellpenny’s sister company Avellemy has snapped up the ex-head of fixed income at Old Mutual Global Investors.

The company, which has 1,500 clients, has appointed Stewart Cowley as chairman of its investment committee, making him responsible for implementing strategies to “drive efficiencies” within Avellemy’s portfolios.

Mr Cowley a well-known market and economic commentator, has had a 30-year career, including working as a senior executive at Newton Investment Management and Old Mutual Global Investors.

Avellemy cited his background as a Financial Express Trust gold medal holder for outstanding career fund performance in announcing his appointment.

The company also highlighted that as head of fixed income at OMGI and the lead manager of the Old Mutual Strategic Bond, he returned 186% compared to a peer group composite of 99%.

Mr Cowley said: “I am very much looking forward to contributing to a developing business, working with Steven and the rest of the team whilst building upon the success already achieved.”

As an independent appointment his role is designed to ensure that Avellemy clients are provided with the best possible investment solutions, and he will be “challenging and overseeing the investment committee activities”.

Steven Lloyd, head of Avellemy, said: “We are very happy to have secured Stewart’s services, he is a well-known and respected individual within the investment world, who brings with him a wealth of independent experience to add to the already extensive portfolio of knowledge within the committee.”

Avellemy was launched in 2014 as a sister company to Bellpenny to provide risk targeted, platform-based discretionary model portfolios for Bellpenny clients via three different sets of model portfolios according to each client’s risk appetite. manages over £165million.