Redmayne Bentley has unveiled a digital-only managed portfolio service (MPS).
The four risk-based online portfolios are actively managed and led by the firm’s head of investment management James Andrews, with monitoring from the strategic asset allocation and research committees.
The range, which has previously been available ‘offline’ to the firm’s clients, invests directly in individual equities, bonds, as well as collective funds and is available for anyone with £20,000 or more to invest, or £9,000 if investing in a Junior Isa.
Adviser introduced clients will pay an annual management fee of 0.6% plus VAT with no platform or transaction costs , while direct clients pay 0.75% plus VAT with no platform costs.
It comes at a time when an increasing list of MPS providers are scrapping VAT from their portfolios. The list includes Charles Stanley, AJ Bell, Brooks Macdonald, Brewin Dolphin, Investec, Tilney Smith and Williamson, Iboss, Sanlam and RSMR.
Redmayne Bentley’s MPS is available with Sipp, Isa, Jisa and general investment accounts and the firm has developed a questionnaire for savers to determine their circumstances and what they are looking to achieve with their savings.
Andrews said: “I am delighted to bring a truly actively managed and institutional grade offering to the wider public via a purely digital service.
“We live in disruptive times, yet financial services and particularly private client investment managers have been slow to adapt and to move forward to meet the expectations around digitally led services.
“Providers that have forged ahead have done so with passive and low-cost offerings. We wanted to be different, and to bring a truly active and high-quality approach to the digital financial services market.”
