Openwork nabs from Tilney to launch DFM service

Openwork has appointed Toni Meadows to help launch a DFM service for its advisers.

Meadows joins from Tilney Group and will become head of investment, leading a team to manage portfolios as part of the DFM service, which will launch in April.

The service will leverage the 10-strong range of funds from Openwork’s £4.2bn investment proposition Omnis, including bespoke strategies from Woodford Investment Management, Schroders and Threadneedle.

The range will complement the three risk-rated model portfolios in its Graphene range.

Openwork chief executive Mark Duckworth says: “The discretionary service is designed to appeal to those who desire one-stop access to some of the world’s best fund managers, but with the tactical asset allocation decisions outsourced to a dedicated investment team.

“Our size, scale and buying power mean we can offer these services very cost-effectively to our customers.”

Meadows says political risk and an uncertain economic backdrop are increasing volatility and making short-term asset allocation decisions very challenging. For this reason many advisers are seeking a discretionary service, Meadows argues.