Ascentric adds DFM service

Ascentric adds DFM service

Royal London-owned Ascentric has added a newly launched discretionary fund management services to its platform, offering advisers access to its nine model portfolios.

Launched in February and owned by several advice firms, P1 Investment Management is the latest DFM service to be offered to advisers who use the Ascentric platform.

Ascentric recently added a range of funds from Ashburton Investments to its platform.

Justin Blower, head of sales at Ascentric, said the addition of P1 adds “additional breadth” to its DFM range, adding it was great to see such an “innovative ownership structure" being brought to market.

The P1 portfolios span five risk levels and three primary objectives, including income, capital growth and balanced. 

This is the first time the discretionary fund manager has been put on a platform, and the business plans to roll out the proposition to other offerings.

James Priday, managing director of P1 Investment Management, said he has already received a high level of interest from advice firms, adding the partnership with Ascentric means it can further expand its reach.  

“As P1 is a purely adviser-led solution, it enables financial advisers to protect the trusted relationship they have built up with their clients,” Mr Priday said, adding efficiency, low-costs and enhancing the adviser-client relationship are the three cornerstones of P1’s proposition.

The model portfolio fee is 0.25 per cent inclusive of VAT per year, up to £1m, when it drop to 0.1 per cent. 

Last month, Ascentric's assets under administration hit the £11bn mark, helped by the market rebound following the Brexit vote.