Standard Life’s new discretionary service has attracted £125m in assets since its launch in April, with more than 100 adviser businesses selecting one or more discretionary managers to manage client portfolios on the platform.
Developed with input from advisers, the Investment Management Hub was launched with a starting panel of 11 leading discretionary investment managers.
This number has now risen to 18 and Standard Life is in discussions with other discretionary firms who will add portfolios onto the platform in the coming months.
David Tiller, head of platform propositions at Standard Life, said: “We moved early to get Standard Life wrap fully unbundled and 2016 ready. This has allowed us to focus on delivering the capabilities advisers told us they wanted to drive their businesses forward.
“A discretionary service was top of the list for many and I am delighted with the phenomenal response we’ve had so far.”
Mr Tiller commented the popularity of discretionary services demonstrates two key market trends: more advisers wanting to use discretionary managers and the move to a platform-centric model that lets advisers retain flexibility, transparency and control.
He said: “As the UK’s wealth is increasingly moving to an older demographic, the combination of tax optimisation and investment strategies is vital.
“The future of wealth management demands the careful management of tax allowances together with short, medium and long term investment goals, so discretionary services accessed on platform will no doubt be a popular investment option for advisers.”
