Pension firm Hornbuckle Mitchell has linked up with Vestra Wealth to offer Sipp investors access to the discretionary fund manager’s investment portfolio.
It is based on Hornbuckle’s single investment Sipp model, with its product wrapped round a Vestra Wealth portfolio.
Vestra will meet the £250-plus VAT annual Sipp admin charge for funds of £200,000 or more but investors will have to pay the Sipp set-up fee of £295 and any transactional charges, for example, if a client goes into drawdown.
Any funds worth less than £200,000 will still be required to pay the admin fee.
Hornbuckle Mitchell head of sales Stewart Dick says: “The way that the market is going, there will be a greater need for more investmentled propositions combined with proper Sipp functionality and flexibility.
“This deal means that we can offer a cost-effective Vestra proposition and if the client wants to do anything different in the future, they will not need to transfer to a different kind of plan.”
AWD Chase de Vere head of communications Patrick Connolly says: “There are many investors who do not have the right level of resources and knowledge to make their own investment decisions.
“As a result, there will be much greater use of discretionary investment management services in the future. I think it is a sensible step forward for Sipp providers like Hornbuckle to set themselves up to cater for that.”