Gilliat Financial Solutions has signed a deal to distribute Morgan Stanley’s retail structured products to independent advisers.
Gilliat managing director Adrian Neave says the firm will only offer the products to IFAs and has no immediate plans to distribute the products through restricted advisers.
Neave says: “At the moment the answer is no but that is not set in stone. I suspect a lot of those firms that are restricted actually exclude structured products, which is why they are restricted.”
Morgan Stanley executive director Marc Chamberlain says the tie-up will boost the firm’s distribution capability.
He says: “The current suite of Morgan Stanley retail structured products will all be made available through this partnership, which is about increasing the distribution capability.
“We already have an established relationship with Gilliat, having worked with the firm for a number of years as an asset provider. We are delighted to extend this to the distribution of our products. Gilliat is a highly respected firm and we expect the venture to be of great benefit to both parties as well as to our wider client base.”
Lowes Financial Management managing director Ian Lowes says: “Morgan Stanley has had an exceptional range of products out for some time but does not have the same distribution as a lot of the other providers. Gilliat has an experienced team distributing to IFAs so it makes sense for them to team up.
“There is the potential for conflicts of interest as they might have similar products, so they will need to make sure they do not compete with each other.”