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Adviser network launches DFM

Adviser network launches DFM

Adviser Services Holdings (ASHL), the network which acquired the Sense and Lyncombe networks, has set up an investment arm to provide its advisers with a range of “competitively priced” portfolios. 

The network, which supports 400 advisers with £5bn assets under management, said the DFM was designed to be in line with the advice processes and risk framework adopted within the Lyncombe network restricted advice proposition.

The network also has plans to launch its own funds in future, having bought fund manager iFunds Asset Management.

The Rockhold portfolios charge between 15bps for passive portfolios and 27.5bps for active, with no VAT due. More recently, a range of sustainable portfolios has also been added.

Propositions director Chris Wilson, a former head of propositions at Caerus, has appointed multi-asset portfolio manager Alpha Beta Partners to offer the managed portfolios under the Rockhold brand. 

The firm said Rockhold Investments has seen assets under management increase five-fold since launching at the start of the year, now sitting at £170m of assets and expected to exceed £200m by the end of the year.

Fund launch

ASHL has also bought iFunds Asset Management which until recently offered a range of funds and portfolios for retail investors. 

The purchase is subject to regulatory approval but the firm said it means that ASHL will have a business with investment management permissions within the group, which will allow it to expand its investment offering to advisers and clients including a set of Rockhold funds expected to launch later this year. 

Following the acquisition iFunds will be renamed to sit under the Rockhold brand. 

The launch and purchase comes as last year the firm acquired Sense for more than £9m as it targeted a “selective” 500 advisers over the next three to four years.

This was the firm’s second acquisition since it launched in May 2019, having initially bought Lyncombe Consultants — a network with 30 advisers — earlier in the year.

The combination of the Lyncombe and Sense acquisitions had resulted in ASHL having 300 advisers.

sonia.rach@ft.com

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