Asset management firm Pemberton has appointed Phil Ashdown as a partner, giving him the responsibility to develop investment strategies in trade receivables and supply chain finance for institutional investors.

Pemberton is backed by Legal & General, which owns 40% of the fund manager.

Ashdown was previously a founding investor and director of Tungsten Corporation, a global supply chain enabler.

Symon Drake-Brockman, managing partner of Pemberton, said: “Supply chain finance has historically been dominated by the banking community and institutional investors have struggled to get a foothold in the largely unreachable market. We believe there is an untapped opportunity in improving investors’ access to this complex market.”