Skandia’s new fund platform Selestia Investment Solutions will launch on July 30 with a range of e-business services and investment tools and over 900 funds available.
The tools will include a fact-find, portfolio construction, online application and portfolio reviews and data will be pre-populated throughout the system requiring only one set of keying in.
It will include a new risk profiler with 10 risk levels and specific time horizons from one to 25 plus years ensuring a more accurate level of asset allocation.
Selestia Investment Solutions will offer a broader range of funds than Skandia MultiFUNDS with over 900 funds from 67 fund groups and free re-registration on to the platform.
It will also offer online valuations, phased investments and bulk switching, not available on the previous Selestia model.
The platform will charge £50 a year per client account, regardless of the size of assets, reduced from £81.10 annual fee from Selestia.
The standard initial charge for new business via Selestia Investment Solutions will be 5 per cent per cent.
For existing users of Skandia MultiFUNDS, the annual £50 charge is a new charge but the existing small investor charge of 0.5 per cent for clients with investments under £10,000 is being removed, which will come into force when Skandia clients are migrated onto Selestia Investment Solutions in February 2008. It will remain open to new business until then.
Skandia UK Business Unit chief executive Brett Williams says: “The entire focus of the development of Selestia Investment Solutions has been around building a platform that will deliver practical business benefits to advisers. The new functionality will help advisers streamline crucial business processes giving them more time to focus on advising their clients. The new set of e-business services and investment tools will be second to none and these will be underpinned by Skandia’s unrivalled support service.”
“We are very confident that advisers will find Selestia Investment Solutions a truly compelling proposition but we see this as the start of the development, rather than the end. We will continue to evolve the proposition to ensure it keeps pace with advisers’ requirements.”