John Duffield’s Brompton Asset Management has been appointed as investment manager on five discretionary model portfolios for clients of Bath-based Money Wise Independent Financial Advisers.
Brompton chief investment officer Gill Lakin will create investment strategies tailored to the needs of Money Wise’s clients.
John Duffield (pictured) says: ‘I would like to welcome clients of Money Wise. We look forward to becoming the manager of the five Money Wise discretionary model portfolios.
“Our aim will be to generate healthy risk-adjusted returns for Money Wise’s clients and satisfy the requirements of its advisers for efficient service.”
According to Brompton, its investment processes will be used to create investment strategies designed to meet Money Wise clients’ investment objectives and risk appetites. Money Wise will then advise which portfolio meets clients’ needs including a High Income, Income, Cautious, Balance and Adventurous strategies.
Brompton currently provides discretionary investment management sercvices to private clients, such as family trusts, pension plans, charities and companies.
Brompton Asset Management gained FSA authorisation in 2009, shortly after the Henderson Global Investors took over Duffield’s New Star Asset Management. The company currently manages the New Star investment trust and the Brompton Global Income fund.
Two further funds are scheduled for launch including the Brompton Diversified fund, during the fourth quarter of 2012, and the Brompton Global Growth, planned for launch in the first quarter of 2013.
Money Wise was fined £19,600 by the FSA in 2010 for failing to have sufficiently robust compliance arrangements for the investment advice it gave customers using platforms and discretionary portfolios.
An investigation by the advisory firm did not ensure compliance arrangements evolved as the business grew and had not made clear to clients that some underlying investments contained unregulated collective investment schemes or the associated risks had been understood before investment.
However, the FSA found no evidence customers had suffered any financial detriment and had made improvements after hiring an external compliance consultant.