Brewin Dolphin has completed two of the four transfers to restructure its managed portfolio service, announced in January.
Brewin says it has transferred about £750m from third party retail funds into its new segregated investment mandates.
The firm expects to make annual savings of around £3m after the final two transfers are completed in April and May.
These savings will be passed on with lower OCF charges to advisers’ clients.
The global equity portfolio will see the largest drop in charges, with underlying fund OCFs falling from 69bps to 51bps. The balanced portfolio will see a reduction in fund costs of 10bps to 52bps.
In addition, Brewin says it has achieved one-off cost savings through two institutional cross trades, saving advisers’ clients transaction costs of £45m.
Brewin Dolphin investment solutions and distribution managing director Robin Beer says: “In addition to the ongoing cost savings, we’ve been able to save advisers’ clients an estimated £150,000 of transaction costs so far as two fund managers were able to match around £45m with a seller of the same assets.
Beer adds: “By ‘swapping’ the assets with the seller rather than buying them on the open market, we have avoided significant purchasing costs. That’s another advantage of our manager-of-managers approach.”