This publication carries latest news about product offerings in the wealth management space.
A portfolio service of UK private bank Brown Shipley that holds tax-efficient investments in the UK has been put onto a platform provided by Ascentric.
Brown Shipley’s AIM Portfolio service is designed to hold stocks listed on London’s Alternative Investment Market. Certain AIM stocks are exempt from UK inheritance tax under what is called Business Property Relief. Brown Shipley’s portfolio will contain 20 stocks and has a maximum investment of £500,0000 (around $730,000).
The discretionary managed model portfolio service has an annual charge of 1.25 per cent, plus value-added tax, with no initial charge. For advisors using Ascentric’s “inclusive” charging option, all fund and model portfolio dealing charges are covered within the 0.30 per cent platform charge. The alternative to the inclusive charge for using the Ascentric platform is 0.25 per cent. On top of this, clients pay a £60 per year model portfolio fee and £1 per trade, Ascentric said in a statement yesterday.