We are a London-based independent “multi-boutique” asset manager, founded in 2009. Goodhart’s mission is to be recognised for our commitment to investment excellence – to be a trusted partner for both sophisticated institutional investors and exceptional investment teams.
Goodhart offers a range of strongly differentiated investment strategies. We partner with investment teams that share our commitment to investment excellence and fit with our investment philosophy and culture.
Goodhart was formed through the management buyout of the institutional multi-manager business of WestLB Mellon Asset Management, part of BNY Mellon, in 2009. As a multi-manager, the Goodhart team developed an innovative range of funds, with a genuinely investment-driven approach that focused on identifying profitable themes, and specialist managers to exploit them. Our innovative approach and strong performance was recognised with a number of awards. We were one of the few multi-managers to make an absolute return for clients in 2008 with our Global Long-Short Equity Fund, and we pioneered the concept of absolute return bond investing with the launch of a UCITS vehicle called the Target Return Fund, in 2007. We launched our first single manager strategy in early 2011 (the Hanjo strategy).
In 2012 we took the strategic decision to evolve into a “multi-boutique asset manager” in order to work more closely with investment teams that share our investment philosophy and values. We shut-down the multi-manager business. Goodhart’s clients continue to benefit from the experience and infrastructure developed as an institutional multi-manager. We work with investment teams that we believe are exceptional, and we only offer strategies that are genuinely investment-driven.
In 2018, Goodhart launched the Volunteer Park Capital (“VPC”) strategy as an extension of its multi-boutique model. Goodhart manages the VPC Funds (closed-ended investment vehicles) and acquires minority interests in asset management boutiques that manage private equity and/or private debt funds.
Most significant in terms of other Goodhart's multi-boutique partnerships is the direct investment in Asset Value Investors (“AVI”) in 2015. AVI invests only in asset-backed listed securities trading at discounts to net asset value, and the investment team apply this approach in the management of its global equity, Japan equity and family-backed equity strategies. Founded in 1985, AVI have consistently applied this same investment approach for nearly 4 decades.
In 2021, Goodhart launched the Ganbaru Fund on its Longitude Fund SICAV-SIF platform with Granmiznar Limited appointed as Investment Advisor. The strategy is an all-cap evolution of the Hanjo Fund - now soft-closed – and can invest across a broader universe of Japanese companies.
This Law originates in a paper delivered by economist Charles Goodhart in 1975. Goodhart’s Law became well known in the 1980s as an explanation for why the British Government’s attempt to control inflation through the use of monetary targets failed. Historically there had been a high correlation between money supply and inflation. So Chancellor Nigel Lawson decided to publicly set targets for money supply growth in order to control inflation. But when the “measure” became a “target” the relationship broke down.
We think Goodhart’s Law is relevant. It cautions us to really think about the relationship between cause and effect, and to not just accept that what has happened before will repeat itself. It also suggests that we will only generate exceptional returns for clients if what we do is different. We need to identify opportunities that cannot easily be exploited by everyone else.
For the avoidance of doubt, Charles Goodhart and his family do not endorse or have any financial interest in Goodhart.
“When a measure becomes a target, it ceases to be a good measure”
NORTH-EAST FAMILY OFFICE
In early 2018 the North-East Family Office (“North-East”) acquired a minority interest in Goodhart Partners LLP. Management of both organisations had formed an increasingly close relationship over the preceding years and are excited about the benefits of a long term partnership with each other.
North-East was established in 2013 by Winnie Liljeborg and Per Algot Enevoldsen, the founders of the global jewellery brand Pandora, as a full service provider for the family. North-East manages the family members’ assets and handles all relevant matters, including their philanthropic engagements.
Since its foundation, North-East has evolved into a steady growing international organisation and the scope of activities has expanded to include a number of subsidiaries specialising in different fields such as private equity and venture capital. The North-East Family Office has its headquarters in Copenhagen, Denmark.
For more information see their website linked above.