Rathbones has confirmed the launch of a managed portfolio service which will offer access to David Coombs’ multi-asset fund range.
All of the six strategies will invest in one or two of Rathbones’ Multi-Asset Portfolio (RMAP) funds, which are managed by Mr Coombs, who heads up the group's multi-asset team.
Mike Webb, group executive director of Rathbone Brothers, said the range will benefit from the daily management of the existing in-house RMAP funds.
This sets the service apart from those model portfolios that only deal monthly or quarterly, and which Mr Webb said could therefore miss out on opportunities to deal at the best prices.
This year is likely to see continuing uncertainty, providing opportunities that active managers can exploit.-David CoombsThe Rathbones boss also said the new service complements the firm’s other offerings, from single strategy funds to bespoke discretionary portfolio management.
The strategies will be labelled Cautious, Balanced, Income, Balanced Plus, Equity and Equity Plus, all of which suit different risk and return targets.
While the ‘Income’ strategy is designed specifically to provide regular monthly income, the Cautious and Balanced strategies are also available in income versions that pay on a quarterly basis.
Mr Coombs said: “This year is likely to see continuing uncertainty, providing opportunities that active managers can exploit.”
He said it was therefore important that investments are managed in a way that will secure returns in real terms, as well as provide protection on the downside.
“By drawing together expertise from across Rathbones and capturing the best ideas from the broadest possible global universe of individual securities and funds, we look to provide that within a set of risk parameters.”
The new service, which has a minimum investment threshold of £15,000 per account, can be held within an Isa and will be available with a number of self-investment personal pension (Sipp) providers.
Dan Elkington, IFA at Chattertons Solicitors, said: "While this may be a valuable proposition for some clients, the marketplace is pretty saturated at present."
He said he thought Rathbones might struggle to sell these funds and suggested the firm will need to have good marketing tactics to attract a good level of inflows.
Nic Round, chartered financial planner at Trēowe Wealth Advisers, said he would not recommend Rathbones' new offering to clients as he was worried about the cost of the service.
"This is probably a marketing ploy to gather more assets under management," he said, questioning whether Rathbones' staff would be prepared to put their own personal money in one of the funds.
katherine.denham@ft.com
