Investment Solutions, the UK multi-manager specialist, has started searching for UK equity, global equity and hedge fund sub-advisers after receiving regulatory approval from the Financial Services Authority.

Investment Solutions, which is backed by South African financial provider Alexander Forbes, is the largest provider of multi-manager investment portfolios in South Africa, with assets under management of £3bn (€4.5bn). It has played a significant role in South Africa's shift away from defined benefit provision and towards defined contribution pension plans. The firm believes it is in a good position to take advantage of a similar shift taking place in the UK.