In a sector dominated by giants like BlackRock and Fidelity, a member group representing smaller independent asset houses has outgrown its London origins.

Boutique asset management think tank New City Initiative is rebranding as the Independent Investment Management Initiative (IIMI) in order to align itself more closely with the group's evolving remit.

The organisation was founded in the wake of the global financial crisis in 2010 at a time when the City of London was undergoing significant regulatory changes. Its founding member firms collectively managed $75 billion in assets.

Today the group has 44 member firms and opened a Singapore branch in 2019 to keep up with market developments and demands in Asia. Its global member base now manages around £500 billion for clients.

The chairman of the rebranded group, Nick Mottram, said that the New City name has become less relevant as members across Europe and Singapore have joined. "The Independent Investment Management Initiative far better encapsulates who we represent and what we stand for,” he said.

The aim of the group is to increase the profile for independent owner-managed asset firms and focus efforts on financial reform.

“Boutiques play an important role in preserving the stability of the wider financial sector, in addition to encouraging competition, and we shall continue to promote their values and practices, while giving them a voice in the conversation around financial regulation,” Mottram said.