IOMA Group, an Isle of Man-based wealth management firm, has launched its ‘Pound a Day Portfolio’ investment platform.
The service is aimed at investors with a minimum of £25,000 to invest and will charge a management fee of £1 a day, or £365 annually, according to a isleofman.com report.
The service is classified into three categories: Collective, Selective and Selective Growth.
Collective portfolio will invest into eight investment funds which have been selected for their diversity, quality and liquidity, according to the website.
Second portfolio will invest into 12 UK equities, with the specific consideration that each company must track record of paying higher dividend compared to previous year for at least 15 years.
Selective Growth portfolio will invest in 14 UK companies that have track record of more than seven years of uninterrupted dividend growth. They also must belong to the FTSE250 at the time of selection.
The website quoted Russell Collister, investment management director at the IOMA Group, saying: "We have developed this low cost, RDR friendly investment product aimed at DIY investors who are looking for an online product that is easy to use.
"More investors are looking online for ways to save and with our complete charging transparency and unique charging structure, we aim to provide a diverse and interactive service."