The wealth unit of Barclays has shut down its discretionary fund management (DFM) service to advised clients with less than GBP250,000 of investable assets.
Barclays has, reportedly, written to IFAs to advise them that though the lender will not be able to offer a full DFM services, new clients will be able to access its range of funds and structured products through third party platforms.
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Direct clients will be able to transfer to Barclays Stockbrokers at no extra cost.
Barclays has also said it is "no longer practical" to offer the service to direct clients with less than GBP100,000 in their portfolios.
A spokesperson said the approach was "better suited to helping [clients] to achieve their investment needs in a simple and cost-effective manner."
"We will continue to offer a discretionary service to existing ‘introduced’ clients who have more than GBP100,000 invested with us, and those beneath that threshold will have the option of moving their portfolios to alternative solutions at no cost," said Barclays.
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By GlobalDataBarclays recently went through a management restructure, aimed at capitalising on opportunities outside London, following which a number of high profile team members in the wealth and investment management units left regional Barclays offices.
