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SimplyBiz and Verbatim launch DFM service

SimplyBiz and Verbatim Asset Management are launching a discretionary fund management solution, Verbatim Discretionary Service.

The discretionary service will have 24 model portfolios and will have no minimum investment and will launch to SimplyBiz members next month.

The list of discretionary fund managers selected for the service are James Hambro and Partners, TCF Investment, Henderson Rowe and Smith & Williamson.

Way Group will be in charge of governance and discretionary services while custody and trading is provided by Winterfloods Business Systems.

Charges on the active portfolios will be 0.96 per cent and a passive option is also available at 0.84 per cent.

SimplyBiz joint managing director Neil Stevens (pictured) says: “We strongly believe that the current DFM offerings do not fully meet the needs of advisers, and RDR will create yet more requirements for advisers which are not currently being catered for.”

Earlier this month, the European Court of Justice recommended all elements of discretionary management services should be subject to VAT.

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