Legal & General Investment Management (LGIM) has entered a model portfolio service (MPS) partnership with adviser Richmond Wealth.
LGIM will run six actively-managed model portfolios with differing risk profiles to suit Richmond’s clients.
The range will be made up of a number of the asset manager’s passive offerings as well as dipping into its actively-managed funds.
Meanwhile, LGIM will take on the mandatory due diligence required as part of new consumer duty rules, which the firm said would cut costs and create more time for the team at Richmond to “focus on financial advice and day-to-day engagement with clients.”
The portfolios will be managed by the £1.3tn asset manager’s 40-strong asset allocation team, headed by Emiel van den Heiligenberg.
Paul Measures, LGIM head of intermediary solutions, said: “We are delighted to partner with Richmond Wealth, one of the leading advisers in the UK. We can help them offer their clients tailored model portfolios that suit a broad range of risk profiles. LGIM is well positioned to offer scalable partnerships, providing a robust investment proposition at a competitive price as firms review their consumer duty implementations plans.”
Chris Bryans, senior partner at Richmond Wealth, added: “The partnership is good news for our clients who will benefit from LGIM’s scale and model portfolio investment expertise, targeting returns in line with their risk and investment goals. It will also help Richmond Wealth focus on client service by outsourcing reporting and risk functions, while also benefitting from LGIM’s data and insight.”
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