Close launches multi-asset funds aimed at advisers

Close Asset Management is planning to broaden its discretionary offering with the launch of a range of multi-asset funds that are designed to cater for IFAs with smaller portfolios.

The move forms part of the firm’s ambitious multi-faceted strategy to pick up £6 billion in adviser assets in the run up to the retail distribution review (RDR).

The unitised offering will have a £1,000 minimum investment and will sit alongside Close’s Managed Portfolio Service, which comprises several model portfolios for clients with £200,000 plus and its bespoke discretionary service for clients with more than £500,000 in assets.

The Close Discretionary fund range is set to soft launch in September, subject to regulatory approval, and will invest across a variety of asset classes via collectives and direct securities. The funds will cover different investment profiles, including capital preservation, income and capital growth.

Close is planning to list the multi-asset funds on Transact, which will sit alongside its model portfolio range which is also currently available on the platform.

Robert Imbert, director of intermediary sales, said: ‘We are very aware that IFAs have a lot of legacy business which is smaller.

‘More traditional discretionary fund managers can’t cater for this, so we are looking to expand our discretionary proposition to help IFAs with their legacy business, to make sure that on an ongoing basis we can offer clients a similar service and access to products that larger portfolios receive.’

He added: ‘With RDR in mind, we want to position ourselves as a key provider for IFAs and this is an extra service that widens our proposition for IFAs, their legacy clients alongside our existing clients.’

Last week Close also placed its discretionary management service on Standard Life’s International Bond in a bid to build stronger links with the IFA community. Forming part of the broader strategy, Close is also seeking to acquire client books from IFAs and recently bought its first client book from a Hull-based IFA.