Oriel Securities, a UK stockbroker, has set up an asset management boutique and taken on a senior fund manager as its chief investment officer, following its hire of a team of analysts covering listed investment trusts earlier this year.

David Urch, a well-regarded UK equities manager who has done stints at Scottish Widows Investment Partnership and Fidelity International, has become chief investment officer of Oriel Asset Management, according to a source familiar with the situation.