The tie-up will see BMAM provide access to its bespoke and managed portfolios, as well as a nominee, dealing and custody service.
Prosperity will take responsibility for ensuring the portfolios are suitable for clients and the investments will be managed by the Hampshire division of BMAM, where John Wallace, regional manager, oversees operations.
Mark Newman, managing director of Prosperity, said the partnership will provide the firm with a “more robust” post-RDR compliance model and would ensure the clients benefited from a “seamless investment and advice proposition”.
Andrew Shepherd, joint managing director of BMAM, said: “The investment management services that we are providing are designed to cover Prosperity clients’ wide range of investment objectives and risk profiles.”
Prosperity was founded in 2010 by Mark Newman and Jasper de Zoeten, who left US-based adviser Edward Jones after it was bought by Towry Law in 2009.
The firm employs seven advisers who serve clients in regions as disparate as Glasgow and Kent. It hired two administrators to handle the firm’s growing workload last year.
This is the latest in a steady stream of deals signed by BMAM to provide investment and custody services for IFAs. The investment manager agreed to provide a similar proposition for clients of Lincolnshire-based FB Wealth Management in November last year.
National IFA firm Bellpenny also provided a major boost in business when it became one of BMAM’s biggest discretionary partners last year. It saw a surge in discretionary funds under management in the financial year to 30 June 2013, rising from £3.52bn to £5.11bn.