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Old Mutual unveils new multi-manager platform

Old Mutual this week finally revealed the name and charging structure of its new multi-manager platform, formerly codenamed Project Mars.

The new platform, to be called Selestia, is set to start next month and will initially offer more than 150 funds from 24 providers.

Initial charge is 5 per cent although clients will also have the option to pay a charge of 1.25 per cent over five years.

The annual management charge will be 0.4 per cent on the first £10,000 invested, 0.25 per cent on the next £10,000, 0.1 per cent on the next £10,000 and zero for sums over £30,000. IFAs have two commission options – either 5.25 per cent initial with no trail or 3 per cent initial with 0.5 per cent trail.

Selestia managing director Brett Williams says: “In a nutshell, we will be providing the IFA with state of the art best practice portfolio construction techniques. These have been designed with the input of many IFAs specifically to meet their needs.”

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