Santander has launched a model portfolios service in response to "significant" customer demand for its private banking service.
In a statement today (December 16) the bank announced customers would be advised on 11 actively-managed model portfolios with "varying risk ratings and time horizons".
Santander said client costs would be capped at no more than 1.5 per cent -1.95 per cent depending on the model used, including a maximum average annual ongoing charges figure for each portfolio of between 0.55 per cent and 1 per cent.
Other ongoing costs apply and on an investment of £200,000 the bank would charge 0.4 per cent for adviser services, 0.3 per cent for model portfolio services and 0.25 per cent for platform services - totalling 0.95 per cent.
Santander said clients would receive face-to-face advice "from the outset" and could review their investments with a private banker as well as view their models on their online banking.
The new service is available to the bank’s private banking clients with a minimum of £150,000 to invest.
Charlotte Platts, head of wealth at Santander, said: "We are delighted to have expanded our Private Banking proposition with the launch of our model portfolio service, which provides clients with more choice and flexibility when it comes to their investment options.
"Across the Santander group we are placing increasing importance on this type of service and we look forward to continuing to enhance our offering over the coming years."
Last year Santander partnered with robo-adviser Scalable Capital to develop a white labelled online investment service.
The minimum investment amount for the service, which launched in Spain, was set at €500 (£417) to reflect the young investor portfolio of Openbank customers.
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