Matt Lonsdale, head of intermediary business development at Thomas Miller Investment, said the firm aims to have 20 advisers on its roster and an injection of assets under management worth £50 to £100m this year.
Based in London and Edinburgh, Thomas Miller is a relatively new entrant to the market, having only launched its flexible model portfolio service last May.
Shortly afterwards, Mr Lonsdale was hired from a key competitor, Psigma Investment Management, where he was head of business development.
The company, which manages £300m for private clients, is currently providing model portfolios for three advisory firms, which have not yet been disclosed.
Mr Lonsdale said the model portfolio market had been too “staid” and unresponsive to clients’ needs in the past.
He said: “Constructing an effective portfolio is not about the style and noise surrounding individual asset allocation, nor can you just select portfolios off the peg and expect them to fit every client.
“For those clients who want to pay simply for a model portfolio, that can be arranged, but we are targeting those who do not mind paying a little extra to get more input and a portfolio that focuses on their end goals.”
Meanwhile, Ingenious Asset Management has ramped up its growth plans after breaking the £100m barrier for AUM across its model portfolios.
The London-based firm launched five model portfolios in June 2011, seeing AUM rise to £30m in the first 18 months. That figure has reached £115m since the start of 2013, with 22 intermediary firms now on board.
Guy Bowles, chief executive officer at Ingenious, said: “The demand for platform model portfolios continues to grow in the UK, as financial advisers seek new ways to offer high quality discretionary portfolio management to their clients.
“Outsourcing to managers such as ourselves has the added benefit of positioning the adviser, correctly, at the centre of the advice process.”
John Westlake, managing director of Surrey-based Frobisher Capital, said: “Clients entrust us with their money – simultaneously we must have confidence in the ability of our portfolio providers to deliver the best products.”