Bill Winters, former co-chief executive of JP Morgan Chase & Co's investment bank, on Thursday said he has started a new asset management company backed by listed investment vehicles RIT Capital Partners and Reinet Investments.

The new company, Renshaw Bay, will be half-owned by Winters - who will be chief executive and chairman - and half-held by RIT and Reinet. The company said it will advise new and existing funds and investment companies and may create or acquire its own investment management capabilities.