Exeter-based wealth manager Prydis is planning to launch a discretionary fund management business.
Beginning with a soft launch in late April, P1 will function as a separate entity from Prydis, with managing director James Priday aiming to bring on board up to 30 advice firms in a joint-ownership model.
Priday says he is in active discussions with five businesses ahead of the launch, which will provide a bespoke portfolio service for individual clients with investable assets of £500,000 and above. A core model portfolio range will also be available through other platforms for all advisers to use.
Combined platform and model portfolio fees will be 0.5 per cent annually up to £1m, falling to 0.1 per cent thereafter. Partners will also gain a stake in Priday’s D2C business, Strawberry Invest, although P1 will retain a 49 per cent share.
Priday says: “We felt there was a discernible gap in the DFM market for a truly adviser-led proposition. P1 will not have its own advisers nor deal with individual clients directly. Therefore we are enabling advisers to protect the trusted relationship with their clients.
“We have already received a high level of interest in the DFM service and are currently speaking to a number of quality advisory firms that are keen to join P1 and have a greater influence over the investment service they use for their clients.”