Bestinvest, the London-based advisory firm which is owned by the private equity firm 3i, is set to launch its own platform in a bid to boosts its capabilities in the fund supermarket and advisory markets, Citywire reports, citing sources close to the matter.

According to the publication, Bestinvest currently pays out around 0.25 per cent in fees to the platforms it outsources custodian, administration and other services to. The new platform project, which the firm will reportedly invest around £4 million in, could then ultimately ramp up Bestinvest’s earnings, the news service said.

Bestinvest, for its part, has not confirmed the launch of any new platform.

"Peter [Hall] joined Bestinvest on 7 June and as you would expect from an incoming chief executive has initiated a number of projects. Bestinvest work with a range of investment platforms including Cofunds, FundsNetwork and Pershing and continue to do so," a spokesperson for the firm told WealthBriefing.