Suffolk Life boosts its Sipp service
Suffolk Life has added 10 discretionary services to its discretionary fund manager-focused SimSipp.
The new DFM services, which bring the total number of DFM services available to 31, are available for immediate use.
They include Alpha Portfolio management, Barclays Wealth, Gerrard Investment Management, Leodis Wealth, Thesis Asset Management, Thurleigh, Towry Investment Management, Walker Crips, Whitechurch Securities and 7IM.
Greg Kingston, head of marketing and proposition at Suffolk Life said all new services were introduced in direct response to adviser and investor demand.
He said: “Demand for discretionary investment services for pension funds has seen strong demand throughout 2014 and the first three months of this year. Adding additional discretionary managers to SimSipp, which itself has enhanced drawdown capabilities, is a natural step.”
SimSipp offers advisers a high degree of flexibility and visibility over funds held with discretionary managers.
All assets are tracked on Suffolk Life’s systems and SimSIPP can automatically divest and recall funds from the discretionary manager to pay out any scheduled pension income.
Adviser view
Ray Black, managing director of Lincolnshire-based Money Minder Financial Services, said: “I suspect there will be several people looking for hands-free investment management for funds less than £100,000.
“If people want a reasonable return but do not want to take out all their money at once, then they would want to know that their investments are being managed well and professionally. However what you need to be aware of with a small fund is the potential layer cake of charges.”
