Brewin Dolphin’s model portfolios have passed the £1bn mark in assets under management as advisers have poured clients’ cash into them.
According to an update, the discretionary fund manager saw assets under manager soar by 62 per cent over the past year and is now looking to move into passives.
More than 94 new advice firms signed up to its model portfolio service in the first six months of this year, meaning it now works with 1,000 advisers.
Gareth Johnson, head of managed investment services at Brewin Dolphin, said reaching the £1bn milestone demonstrates the demand from advisers looking to outsource day-to-day investment management, while retaining full control of the client relationship.
He said Brewin will continue to develop the service to ensure it meets adviser needs.
“We are now looking to extend the proposition further by launching a passive version of the service later this year, to further expand accessibility for intermediaries.”
The service, which is exclusively for IFAs looking to outsource investment management, has an annual management charge of 0.3 per cent, and clients can choose from five risk profiles.