Elston Portfolio Management has launched its new money market portfolio MPS service for advisers looking for low-risk, yield-focused investments.
The new service is designed to recognise demand in the near-term for advisers and their clients, for investments which can be held on the platform and provide a yield similar to the Bank of England (BoE) base rate.
The management fee for the portfolios is 0.05%. The blended ongoing charges figure of the portfolio is 0.13%, with the blended yield currently at 5.3%.
Elston confirmed that the portfolios are initially available on nine platforms, including the P1 platform, which charges a fee of 0.15% capped at £1,500 per client. Further platforms will be added in the future at the request of advisers.
The strategy was designed by Elston Consulting, which supports UK discretionary managers and financial advisers with their investment solutions.
The managed portfolio service provides a selection of money market funds from leading asset managers. Whilst the underlying holdings within money market funds are very similar, the number of funds within the portfolio is intended to help advisers ensure that client holdings in any single fund do not exceed the FSCS limits, from a counterparty perspective.
Head of adviser relations at Elston Consulting, Scott Adams, said: “With the BoE rate skyrocketing from 0.1% to 5.25% in the last 20 months, and broader concerns around the direction of the markets, there is growing appetite from advisers and their clients for low-risk, yield-focused investments that can be held on platform and closely match the BoE rate.”
Head of research at Elston Consulting, Henry Cobbe, added: “Whilst adviser clients found our April 2023 recommended list of money market funds very helpful, there has been growing demand for a fully managed solution. Value for money is key for low-risk assets to ensure consumers do not lose yield to fees. We are delighted that Elston Portfolio Management has now made this innovative cost-effective portfolio available for UK advisers.”
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