British wealth manager Brewin Dolphin has expanded its managed portfolio service (MPS) offering by launching a new passive portfolio range for IFAs.

The new proposition, dubbed MPS Passive Plus, will include five core risk-rated portfolios namely cautious, income, balanced, growth and global equity.

The range will be managed by the firm’s asset allocation committee, with underlying funds selected by the MPS investment committee. The team will also be allowed to allocate to active funds if it would benefit the portfolio.

The portfolios will have underlying total expense ratios of between 0.12% and 0.30%, and will be rebalanced monthly.

Brewin Dolphin head of managed investment services Gareth Johnson said: “The launch of Brewin Dolphin’s MPS Passive Plus range is good news for IFAs, as it will mean they can make another investment option accessible to a wider range of people.

“MPS Passive Plus will enable IFAs to choose the best possible investment strategy to fit with their clients’ expectations and investment needs.”