Old Mutual Wealth’s WealthSelect Model Portfolio Service has exceeded the £1bn mark in assets under management, of which £450m has been directed towards pension accounts.
Around 75 per cent of all investments in the model portfolio service have been directed toward portfolios of actively managed funds, while the remaining 25 per cent are invested in a passive blend portfolios that incorporate some low-cost index funds.
The firm said that the most popular portfolios reflect that most customers prefer a blend of growth and risk control and, as a result, 75 per cent of assets invested in the portfolios have been directed to risk portfolios in the middle of the scale.
Investments are held in a range of different tax wrappers such as collective retirement accounts, instant savings accounts, collective investment bonds and ‘unwrapped’ collective investment accounts.
Scott Goodsir, OM Wealth’s head of UK distribution, said that different advisers have found the service suitable for different parts of their respective client banks.
“We recognise the value of advice and the role that advisers play in delivering great outcomes for customers and as such we will continue to develop services and tools that allow advisers to enhance the service they provide to their clients.”
In addition, the business announced today (21 April) that Russell Bignall and Sean Mcguire have joined in newly-created business development director roles.
They will aim to enhance and support the business consultancy services OM Wealth provides to advisers, helping them capitalise on the new opportunities emanating from the introduction of the pension freedoms.
Mr Bignall was most recently strategic director at BNY Mellon, having also spent over 10 years with Standard Life, while Mr Mcguire joins from Standard Life, where he was investment sales director in the Middle East.
Mr Goodsir added: “Market conditions are fantastic for financial advisers and we are expanding our team to help them capitalise on the growth opportunities.”
ruth.gillbe@ft.com
