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Whitechurch to introduce tiered charging structure
by James Phillipps on Feb 28, 2014 at 10:59
Whitechurch Securities is introducing a tiered charging structure on its Prestige investment management service.
The proposition is targeted at financial advisers, enabling them to provide their clients with multi-asset portfolios tailored to meet their risk profiles.
The annual management fee, which was previously capped at 0.5%, will remain at the same rate on portfolios between £50,000 and £200,000, but is then progressively reduced through five tiers down to 0.2% for portfolios of £750,000 and above.
The fees are subject to VAT and before the charges levied by the underlying holdings.
The custodian fee of 0.4% will be capped at £1,000, which would see it fall to 0.2% for clients with £500,000, on a percentage basis. Fund switching fees are charged at a flat rate of £12.50.
Whitechurch Securities’ managing director Gavin Haynes said the company’s Prestige investment service has attracted over £180 million and accounted for 80% of new monies over the last year. Whitechurch runs £265 million in discretionary assets in total.
‘The service is proving very popular with advisers looking for an outsourced investment solution that can be tailored to clients’ financial objectives, attitude to risk and investment horizons. We are seeing a significant increase in demand for larger investments, in particular, Sipp money,’ Haynes said.
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