About us

Hearthstone Investments Ltd


Changing the way the UK invests in residential property.

Chairman and Board

Cedric Bucher, CFA

Chief Executive

David Dutton

Non Executive Director

David Livesey

Non Executive Director

George Farha

Non Executive Director

Mark Drysdale

Non Executive Director

Hearthstone Investment Management Limited


Hearthstone Investment Management Limited is an institutional investment manager specialising in residential property. The firm is a 50:50 joint venture between the management team and Hearthstone Investments Ltd. It manages Hearthstone Residential Fund 1, a £200m private equity vehicle investing in the private rented sector across the UK, and Hearthstone Residential Fund 2, launched in October 2020.

Hearthstone Investment Management Ltd. – Senior Team

Andrew Smith

Chief Investment Officer

Richard Otten

Director, Asset Management

Strategic Partners

Thesis Unit Trust Management

Tutman is the Authorised Corporate Director for the TM home investor fund.

Thesis Asset Management

Thesis Asset Management Limited is responsible for the treasury management functions of the TM home investor fund. Thesis are an investment management group with over £12bn of assets under management. They provide services both as financial planners to high-net-worth individuals and to fund managers via their collective investment scheme operating subsidiary, Tutman.

Langham Hall

Langham Hall is a partner led professional services business providing fund administration and depositary services to fund managers in the debt, infrastructure, private equity and real estate sectors, representing net assets of USD 70 billion. The company has won a number of industry awards including Fund Administrator of the Year at the Lawyer International Global Awards 2017.

NCM Fund Services

NCM Fund Services is a boutique, owner-managed provider of full service fund administration services, acting for over 100 funds with gross assets of over £2 billion, including property, private equity, venture capital and renewables. NCM is the fund manager for the Housing Fund for Scotland, overseeing its FCA regulated activities.


Touchstone is a property management services group who manage over 20,000 homes for a variety of corporate and investment landlords. They provide Hearthstone with:

– A single, efficient point of management contact for properties held in the funds.

– Tenant credit checks, rent collection and lettings.

– Efficient management of maintenance projects.

Connells Group

A strategic partner and equity investor in Hearthstone, Connells is a leading estate agency and property services provider with over 500 branches nationwide.
A subsidiary of Skipton Building Society. They provide Hearthstone with “grass roots” rental market information.
They supply access to off-market portfolios *, support asset disposal * and deliver bulk conveyancing services *
(* Services provided to the TM home investor fund and Housing Fund for Scotland)

NatWest Trustee and Depositary Services

NatWest, previously RBS, has provided trustee or depositary services for over 70 years. They are responsible for the trusteeship of over 1,200 Collective Investment Schemes (CIS).
NatWest is the Depositary and Trustee to the TM home investor fund.

Northern Trust

Northern Trust is a leading provider of investment management, asset and fund administration, fiduciary and banking solutions worldwide. Industry accolades include ‘European Fund Administrator of the Year’ at the Funds Europe Awards 2011 and Best Global Investor Services House at the Euromoney Awards for Excellence 2011. Northern Trust provides fund accounting and administration services for the TM home investor fund.