Brewin Dolphin has appointed Maitland as the authorised corporate director (ACD) and administrator for the four funds that form the core of its enhanced Managed Portfolio Services (MPS) for its intermediary clients.
Brewin Dolphin’s GBP2.6 billion (MPS), which is designed exclusively for the adviser market, has grown rapidly over the last few years. As part of a strategy to achieve economies of scale and allow the end customer to benefit from the size, Brewin Dolphin has introduced four new “manager of managers” funds. This brings together the best asset managers at the best price to achieve significant cost savings across the four portfolios. As scale continues to grow, further savings are possible and are passed back to the clients directly, an innovative approach for the UK market.
Each of the four sub-funds – UK Equity, UK Equity Income, North American Equity and the Bond Fund – are operated on the “manager of manager” principle with Brewin Dolphin acting in the role of “Asset Allocation Manager”. Overall there are 15 sub-investment managers across the four strategies. Maitland has facilitated the regulatory and operational infrastructure necessary to enable the smooth day to day operation and oversight of the funds.
Robin Beer, Managing Director of Investment Solutions and Distribution at Brewin Dolphin, says: “We are delighted to be working alongside Maitland as the ACD and fund administrator for our enhanced MPS for advisers. Maitland has worked tirelessly to ensure that the set-up, implementation and on-going operation of the funds have been achieved on time and on budget. The funds are central to the successful and economical operation of Brewin Dolphin’s MPS and we look forward to a long and fruitful relationship with Maitland.”
Patric Foley-Brickley, Head of Institutional Business Development & Client Management at Maitland says: “It is fantastic that Maitland have been chosen to implement this new structure for Brewin Dolphin. The funds we have set up for Brewin Dolphin’s MPS have enabled Maitland to leverage its regulatory and operational expertise to successfully implement an innovative and intelligent solution to a complex and intricate business strategy. We will continue to work hard to ensure that the service we provide to Brewin Dolphin gives them the solid operational and regulatory platform on which to grow their MPS business.”
Brewin Dolphin announced its innovative new MPS structure earlier this year and then embarked on a four-month transition plan to move some GBP1.5 billion in investors’ assets into the new structure.
