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Prydis launches original adviser-owned DFM and platform proposition

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Prydis, the Exeter-based wealth manager and founder of Strawberry Invest, is to launch ‘P1 Investment Management’ (P1) in April, a new investment proposition for high quality advisory firms.

This original discretionary fund management (DFM) solution will be owned by a select number of participating advisory firms, including Prydis, all able to contribute to strategic decision making to ensure the platform and investment management services develop in line with the needs of advisers and their clients.
 
P1 will offer a General Investment Account (GIA), an Individual Savings Account (ISA), a Junior ISA, a Self-invested Personal Pension (SIPP), as well as the ability to manage assets from third party product providers. This is offered alongside a core range of model investment portfolios, including the ability for financial advisers to create their own discretionary model portfolios alongside the P1 investment team.
 
There will also be a bespoke portfolio service for individual clients with minimum investable assets of GBP500,000, and P1 will make its core model portfolio range available through other platforms for all financial advisers to use.
 
In addition, P1 will provide investment portfolios to Strawberry Invest, the direct to consumer investment platform, in which it is taking a 49 per cent stake.
 
The combined platform and model portfolio fee is 0.5 per cent per annum up to GBP1m, dropping to 0.1 per cent thereafter.
 
James Priday (pictured), Managing Director, Prydis and P1 Investment Management, says: “We felt there was a discernible gap in the DFM market for a truly adviser-led proposition. P1 will not have its own financial advisers and it will not deal with individual clients directly, therefore we are enabling financial advisers to protect the trusted relationship with their clients.
 
“We have already received a high level of interest in the DFM service and are currently speaking to a number of quality advisory firms who are keen to join P1 and have a greater influence over the investment service they use for their clients. We are initially aiming to partner with a limited number of about 30 advisory businesses.”

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