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Portfolio debut by ABN Amro

ABN Amro Asset Management is entering the discretionary managed portfolio market with its Premier Funds Service investing in an range of multi-manager portfolios.

The service will be managed by Aidan Kearney, who joins ABN Amro this week from Singer & Friedlander along with a team of five colleagues.

The service, to be marketed through intermediaries, offers a choice of five investment strategies – balanced, capital growth, conservative, international and ethical – which are invested across eight underlying multi-manager portfolios and a cash fund.

The underlying multi-manager portfolios are UK growth, UK equity income, international growth, ethical, fixed interest, portfolio growth, portfolio balanced and portfolio conservative.

Each strategy is available as a general investment, a Pep transfer or an Isa and allows a choice of income options.

Minimum investment is £10,000 per strategy, with an minimum additional lump sum of £1,000. The minimum holding for customers who want to take monthly income is £25,000.

Initial charge is 4 per cent and annual 1.25 per cent. Initial commission is 3 per cent with 0.5 per cent trail.

Product development and communications director Nick Wells says: “This service is for investors who want choice but do not like choosing. We operate completely in conjunction with IFAs.

It is for them to decide their clients&#39 investment needs. But, in the future, IFAs are going to be spending more time advising their clients and less time managing their money.”

IFA Financial Planning Service certified financial planner Julian Crooks says: “I think this is a massive market and this sort of service makes a lot of sense. If anything, I am surprised that more large fund managers are not doing this.”

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