Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Wealth firm ties up with Metro Bank for new service

Wealth firm ties up with Metro Bank for new service

James Brearley & Sons has joined up with Metro Bank to offer a lending facility secured against clients’ assets.

The Metro Bank Money Management Account will be available to users of the wealth manager’s online dealing and custody service, the Pro Icon platform.

Borrowing will carry a one-off arrangement fee of 0.5% and an annual renewal fee of 0.25%, and will be available to clients with a minimum of £75,000 in assets. The minimum loan is set at £30,000, or 40% of total assets.

A Metro Bank cheque book and debit card will enable clients to create an overdraft position up to a fixed percentage of their portfolio value, subject to qualification requirements.

Loans will be offered at 3.95% over base rate.

James Brearley director David Hannis told Wealth Manager: ‘We believe the Metro Bank Money Management Account will now allow many of our intermediary clients to extend a service, which to date has only been available to high net worth clients via more traditional wealth management offerings.’

The firm has more than £1 billion in assets under management.

Metro Bank, which opened in 2010 with four branches, now has a 25-strong branch network spread around London and the South East.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

Do not miss the first two minutes of this film as Richard Buxton shares how he has been challenged by a client for owning shares in a certain company.

Play CEO Tapes: the huge opportunities for asset managers

CEO Tapes: the huge opportunities for asset managers

From tech disruption, retirement and poaching, the CEO discuss the opportunities for their businesses in this episode.

Play CEO Tapes: 'we're just a bunch of white dudes sitting here'

CEO Tapes: 'we're just a bunch of white dudes sitting here'

In our brand new series, eight CEOs discuss how the industry could do a better job for female fund managers.

Read More
Your Business: Cover Star Club

Profile: Kevin Doran's formula for success at AJ Bell

Profile: Kevin Doran's formula for success at AJ Bell

From a degree in theoretical physics to teaching and becoming one of the youngest chief investment officers in the UK, Kevin Doran has certainly had an interesting career.

Wealth Manager on Twitter