Capel Asset Management Launches to Deliver Outcome-Focused Investment Solutions

Capel Asset Management (Capel), the boutique liquid alternatives asset manager, launches today to deliver defined outcome, multi-asset solutions harnessing modern strategies across derivatives, alternatives and traditional assets. This follows a management buyout from Downing LLP which sees the Liquid Alternatives team transfer to Capel at launch, as well as the two strategies it manages.

Capel’s core leadership team comprises CEO Russell Catley, CIO Paul Adams, Head of Multi-Asset, Jon Gumpel and Non-Exec Chairman, Richard Watts. Between them, they have some 130 years’ experience and are supported by four further investment and operations professionals.

The team has market-leading expertise in derivatives, systematic strategies, and other alternative assets, equities and bonds with deep experience investing across a wide spectrum of market scenarios gained within the asset and wealth management sectors.

Capel is targeting a range of clients including institutional investors, discretionary fund managers and IFAs with two differentiated investment solutions, both of which have compelling performance track records since launch:

·         The MGTS Capel Active Defined Return Assets Fund* which combines systematic derivative strategies with active management to deliver more predictable and consistent returns across the economic cycle. Launched in February 2025 and managed by Paul Adams, the Fund is an active strategy, investing in a diversified portfolio of gilts and global equity autocallables and aims to grow capital at a rate of eight to ten per cent over any six-year period, net of fees.

·         The MGTS Capel Diversified Opportunities Fund* which is designed to be a central defensive portfolio holding and aims to deliver optimised risk-adjusted returns, low correlation to traditional equity and bond benchmarks, combined with low volatility. Launched in 2022, it is run by Jon Gumpel who seeks to invest in resilient underpriced assets with different drivers to deliver compounding growth, yield and attractive defensive characteristics.  

Russell Catley, Capel’s CEO, said, “The launch of Capel marks a significant new chapter for the team as an independent owner-managed entity, building on our exceptional growth over the last 18 months. More importantly, we are very encouraged by the reaction this news has received by our existing clients who understand the logic behind it and are fully supportive of our proposition.

 “Our focus is squarely on continuing to deliver excellence in terms of market-leading investment performance and cost, to help clients achieve their objectives.  In our new format, we are now fully scaled to bring the strength of our fund offering to the wider wealth and investment market in the UK and beyond.”

Paul Adams, Capel’s CIO, added, “Against an economic backdrop characterised by persistent inflation and higher volatility, there is clear investor appetite for solutions that target defined outcomes, improve a portfolio’s risk/return profile and that are liquid by design. This is evidenced by the strong growth of the defined outcome sector globally. We believe that the Capel’s market-leading expertise and commitment to outperformance, underlined by highly competitive pricing means that our strategies will prove to be extremely compelling to a broad range of investors.”

ENDS

For further information, please contact:

Share Communications: capel@sharecomms.co.uk

Notes to editors

* The MGTS Downing Active Defined Return Assets Fund and the MGTS Downing Diversified Opportunities Fund will be renamed to the MGTS Capel Active Defined Return Assets Fund and MGTS Capel Diversified Opportunities Fund respectively subject to investor notification.

Launched in October 2026, Capel Asset Management (Capel) is a boutique liquid alternatives asset manager with market-leading experience in the field of alternative and defined outcome asset management. With a key management team comprising CEO Russell Catley, CIO Paul Adams, Head of Multi-Asset Jon Gumpel and Richard Watts as Non-Executive Chairman, the firm offers two investment strategies, the MGTS Capel Active Defined Return Assets Fund and the MGTS Capel Diversified Opportunities Fund which, together with an external mandate, have combined AUM of over £400 million, with the former fund raising £280 million since launch in February 2025 (figures as at 30.09.26).

Key people

Russell Catley, Chief Executive Officer

Prior to founding Capel, Russell led the Downing Liquid Alternatives team. He previously held senior roles at AXA and Citi, before founding Atlantic House Group in 2007 and building it into a market-leading liquid alternatives asset manager and broker dealer, prior to its sale in 2021.

Paul Adams, Chief Investment Officer

Paul leads investment management at Capel. He has built cash-equities and equity-derivatives businesses at RBC, Nomura, Lehman Brothers and WestLB Panmure, with experience across institutional, corporate, wealth, pension, insurance and hedge-fund clients.

Jon Gumpel, Head of Multi-Asset

Jon co-founded Brooks Macdonald in 1991 and led its funds business, including the Defensive Capital Fund, which grew beyond £700m. He brings extensive multi-asset experience across discretionary investment strategy, alternative assets, derivatives and quantitative analysis.

Richard Watts, Non-Executive Chairman

Richard is a seasoned Chief Investment Officer who has led global investment businesses and strategic transformation. His senior roles include JPMorgan, F&C Investments, BMO Global Asset Management and Columbia Threadneedle, spanning fixed income, LDI, derivatives and equities, alongside a PhD in Physics.