Barclays Stockbrokers has introduced the multi-fund Isa.
Clients who invest in the product will be able to choose from 116 different managed and tracker funds. These will include ones offered by 14 external fund managers, ranging from ABN Amro to Gartmore, Merrill Lynch, Perpetual, Threadneedle and Schroders.
The funds on offer will have varying degrees of risk, ranging from cautious to balanced to high risk, and will also cover a wide range of sectors and geographical regions. Investors can choose up to seven funds from the list, depending on the level of risk that they are most comfortable with.
Multi-fund can only be taken out as a maxi Isa. Barclays Stockbrokers is aiming the Isa at experienced investors who are looking to diversify their portfolio
Barclays is following in the footsteps of companies such as Skandia, which offers the MULTIsa. MULTIsa allows investors to choose 10 funds to invest in out of the 206 funds that are available. These include funds from 22 external managers, such as Henderson, Mercury, Perpetual, Threadneedle and Gartmore, and cover a similar broad range of sectors to the Barclays product.