The service, called "WealthSpace", will be actively managed by Principal’s investment professionals. The investment team aims to rebalance clients’ portfolios at least every quarter to ensure they are in tune with the latest market movements.

“Clients’ portfolios will comprise of high-quality diversified funds from well-known investment houses selected using our comprehensive research and selection process. The wrap provides the custody and execution of the assets,” said Adrian Jewitt, Principal’s sales and marketing director.

Principal was founded in 1987 and now employs around 100 people in its offices in Sevenoaks, London and Bath. It looks after £1.1 billion ($1.54 billion) on behalf of its clients and focuses on discretionary portfolio management for private individuals, family trusts and smaller corporate clients. In March 2008, Principal became part of the Sanlam Group.