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.

Related Fund Managers

Citywire TV
Play Biotech Growth: we will ride out this storm

Biotech Growth: we will ride out this storm

Geoffrey Hsu of Biotech Growth Trust says the sell-off in biotechnology stocks represents a buying opportunity for long-term investors.

Play Sector Spotlight: Kleinwort Benson's Choukeir on UK equities

Sector Spotlight: Kleinwort Benson's Choukeir on UK equities

In our first Sector Spotlight of the year we explore UK equities on the back of the extreme market turbulence in 2016.

Play Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Your Business: Cover Star Club

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

In a buyers’ market for off-the-peg discretionary management, self-funded start-ups begin at an inherent disadvantage

Wealth Manager on Twitter