City’s Model Portfolio Service - which includes Cautious, Balanced, Income, Growth and Aggressive portfolios - will be available on various platforms, including Elevate, Novia and Ascentric.

The Cautious portfolio aims to deliver returns of 2 per cent over inflation (as measured by the Consumer Price Index) over a five-year rolling period, while the Balanced portfolio is targeting 4 per cent over the CPI.

The Income option is benchmarked against the APCIMS Income Index and is anticipated to have a similar equity weighting of 55 per cent, with investment in both equities and bonds via collective investment schemes.

The Growth portfolio, meanwhile, is aimed at outperforming the APCIMS Growth Index over a five-year rolling period. In line with the index, which has an equity weighting of 80 per cent, the portfolio will have a high allocation to equities, the firm said.

Lastly, the Aggressive portfolio has an equity allocation of 100 per cent, and is intended to outperform the FTSE World Index. 

City is charging an annual investment management fee of 0.3 per cent (plus VAT where applicable), with a minimum investment of £20,000.

The firm, like a number of other investment houses, is keen to source new business from intermediaries looking to outsource discretionary investment management ahead of the UK regulator’s Retail Distribution Review coming into force. As well as lightening the compliance burden on advisors, proponents say such outsourcing frees up more time for the actual advisory process with clients.