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One of the UK’s newer investment boutiques, Devon Equity Management, has joined the Group of Boutique Asset Managers (GBAM).

Devon is an independent fund management company founded in 2019 by well-known fund manager, Alexander Darwall, and former colleagues, Richard Pavry and Luca Emo. The firm invests primarily in long-only European equities on behalf of a FTSE 250 investment trust, European Opportunities Trust PLC (JEO.LN), which Mr. Darwall has managed since launch in November 2000.

Devon has also recently launched a Luxembourg SICAV comprising two sub funds, a European equities strategy (run along similar lines to the investment trust) and a long only global equities strategy created for colleague, Charlie Southern, who joined Devon from Indus Capital in 2020.

The team at Devon invests in a relatively limited number of “special” companies. These are companies that have above average returns and margins that they can sustain for longer than the market expects. Attributes of such businesses include a strong underlying business model with viable new options for growth; the ability to monetise what they do; they are less dependent on governments and regulators; they typically have a dominant market position and an abundance of intellectual property that makes them, in their view, good investments.

Before investing for its clients, Devon will meet the companies to assess their business model and management team. They will only invest in companies that are considered to have a strong, open and accountable management team whose interests are aligned with shareholders as far as is possible. In addition, Devon looks for companies that stand to benefit from long-term structural trends, such as changing consumer habits, technology and regulation.

Chief executive, Richard Pavry, said,

“GBAM and its members share our values. The new perspectives we will gain through being an active participant in the GBAM community will be most helpful in the development of our business.”

GBAM Chairman and CEO of Skagen Funds Tim Warrington said,

“We are delighted to welcome Richard and his colleagues into the GBAM fold. The team at Devon have an impressive long term investment record which, together with their insights, will help further strengthen the Group’s knowledge and understanding of international markets – particularly in Europe.”


The Group of Boutique Asset Managers (GBAM) was established at Abadia Retuerta, Valladolid, Spain, on the 5th of April 2013. It is a global network of like-minded, senior executives of independent management firms who have come together to improve their presence in international marketplaces and to promote the value of boutique asset management to the wider market. GBAM is a private company limited by guarantee.

The principal activities of the GBAM are:

• To foster cooperation among member firms

• To identify best practice and shared experience in all aspects of asset management (research portfolio management, risk control, marketing etc.)

• To improve understanding of operating in international markets

• To support members by highlighting their expertise in their chosen fields

• By providing a representative voice in the media


John Morgan, Company Secretary,

Group of Boutique Asset Managers Ltd


Tel: +44 7769 262272

Richard Pavry, CEO

Devon Equity Management Limited



Sam Shelton, Senior Communications Manager


Tel: +44 7540 336998


The information contained in this press release is intended solely for members of the media and should not be relied upon by private investors or any other persons to make financial decisions. This communication, including any data and views in it, is not a financial promotion as defined in the UK Financial Services and Markets Act 2000. It does not constitute an invitation to invest or investment advice in any way. Every effort is made to ensure the accuracy of any information provided but no assurances or warranties are given. Devon Equity Management Limited is authorised and regulated by the UK Financial Conduct Authority and its registered address is 132 Victoria Street, London, SW1E 6DE.


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