Two former Hargreave Hale investment managers are transforming a firm solely focused on tax efficient wrappers by launching a managed portfolio service (MPS).
Alex Sumner (pictured) and Gareth Deacon, who joined boutique Blackfinch Investments earlier this year, expect that the MPS will go live in the next six weeks.
It will feature five actively managed portfolios ranging from risk levels three to seven. There will also be three passive strategies and additional income mandates are planned for launch shortly after.
The service will carry an annual management charge of 35bps and the portfolios will invest in open-ended collectives.
Historically, Blackfinch, which has over £200 million in assets under management, managed only tax efficient products such as IHT, EIS and VCT investments.
‘It is a firm that has gone under the radar for a number of years,’ Sumner said. ‘We have a regional sales team that covers the whole country. We set it up from scratch and will sell the MPS into the existing adviser network.’
He said that they are also focusing on developing strategic partnerships with advisers and will be making the portfolios available on three platforms: Standard Life, Ascentric and Transact.
‘At Blackfinch we have the freedom to implement an offering we know can appeal to our target market. At [Hargreave Hale parent] Canaccord there was a centralised process controlled out of London, which we would have little to no input in. Blackfinch gave us the platform to develop an offering where we can have input,’ Sumner added.