UK-based Genesis Wealth, the IFA firm which is part of chartered accountants Gerald Edelman, has decided to abandon model portfolios and offer bespoke discretionary management through Vestra Wealth, in preparation of the retail distribution review (RDR), CityWire reports.

Vestra will manage the funds through AXA’s Elevate platform, the report said. 

Vestra Wealth last year surpassed £1.25 billion (around $2 billion) in assets under management. It is reported that Genesis has £100 million of actively managed assets and £100 million managed passively, which Graham Thomas, managing director at Genesis, would like to see moved over to active management.

Genesis introduced the platform last July, prompted by both the RDR and calls for transparency following the financial crisis, and has since moved £15 million on to it, according to the publication.

“Gone are the days when clients worry about where their assets are. They can look at a portfolio and see everything that happens, right down to trades,” Mr Thomas is reported to have said, referring to the greater transparency offered by platforms. 

Speaking on the decision to move towards discretionary management, Mr Thomas is reported as saying: “I would like to be a jack of all trades and do the discretionary management as well, but that’s not possible, though I did want discretionary management done under our name.”