Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and 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
Brewin's Gutteridge: what's behind the second oil crash?

Brewin's Gutteridge: what's behind the second oil crash?

This week Brewin Dolphin's research head talks to Will Riley, co-manager of the Guinness Global Energy fund, about what next for oil.  

Play AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Richard Bullas has quietly been making a name for himself at the helm of the Franklin UK Smaller Companies fund.

Play Sector spotlight: how Harwood's Philbin is playing emerging markets

Sector spotlight: how Harwood's Philbin is playing emerging markets

Emerging markets have been a rollercoaster for investors, but amid the doom there have been have been bright spots, such as India. 

Your Business: Cover Star Club

Profile: CHI's bond supremo on liquidity and bond risk management

Profile: CHI's bond supremo on liquidity and bond risk management

'Some people have been extremely complacent about rate rise risk. Myself, I wish they would just get on with it.'

Wealth Manager on Twitter