Wealth manager Charles Stanley has launched its Personal Portfolio Service (PPS) for clients with portfolios of less than GBP150,000.
The service is available to clients from 1 April 2017 and has been developed as a cost-effective alternative to Charles Stanley’s bespoke discretionary managed portfolio offering.
As part of this proposition, Charles Stanley has simplified and streamlined its investment proposition for smaller clients by launching five multi-asset funds which are designed to meet a specific risk profile and targeted level of return.
Each multi-asset fund is actively managed by Charles Stanley’s asset management division, headed by chief investment officer Jon Cunliffe. The five funds invest in a wide range of asset classes, including both active and passive (index) funds, exchange traded funds (ETFs), individual fixed interest securities (bonds) and equities.
Clients receive ongoing advice from a dedicated team as to whether the investment remains suitable for them, with annual risk-profiling. As part of the service they continue to receive a personal service from their investment manager, or from a dedicated team. The proposition has the same access to tax wrappers (SIPPs and ISAs) as with a discretionary portfolio. The Personal Portfolio Service costs 0.5 per cent per annum and the ongoing charge figure for the multi-asset funds is between 1.25 per cent and 1.34 per cent, making an overall charge for the PPS of between 1.75 per cent and 1.84 per cent. There is currently no minimum investment threshold.
Christopher Aldous, head of asset management at Charles Stanley, says: “In a world of low interest rates, it is more important than ever investors take control of their finances in order to achieve positive returns. We saw a clear gap in the market where we could help smaller clients who might not otherwise be able to afford a professional investment solution together with some advice and think PPS fills this void.
“We have already seen significant levels of interest in this proposition and look forward to helping a wide range of smaller investors.”