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Platform provider launches EIS-based model portfolio service

Platform provider launches EIS-based model portfolio service

Platform provider GrowthInvest has launched a tax efficient discretionary managed portfolio service.

The portfolios will be managed by Sapphire Capital Partners, and headed up by Boyd Carson, who has over 30 years’ investment experience.

Carson will be backed up by GrowthInvest’s investment committee made up of Mark Brownridge director general of EISA, Graeme Stenson of LGT Vestra and Stuart Jeffrey a corporate financier.

The portfolios will invest in Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS) or a combination of the two.

The portfolios have a minimum investment of £10,000 and will carry an initial change of 2% followed by an annual management charge of 1.5%.

An additional performance fee of 25% will be charged if the portfolio achieved an above 10% return.

Dan Rodwell, managing director of GrowthInvest, explained: ‘The performance fee is standard across the EIS portfolio marketplace.  Essentially where an investor invests £100 he will receive £110 back prior to the performance fee becoming chargeable.  Thereafter we expect to return £200 to the investor net of our performance fee.

‘This return does not take account of the tax relief which sits between 30% EIS or 50% SEIS and is credited to the investor against income tax paid upon investment.’

Rodwell (pictured) added the discretionary portfolio service offers regulated access to the most promising companies on the GrowthInvest platform.

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