Wealth management and accountancy group Prydis has unveiled plans to launch a new discretionary fund management business in April 2016.
To be called P1 Investment Management, the new business will operate as a separate entity from Prydis. It will provide bespoke portfolio service for individual clients with investable assets of £500,000 or more.
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The new platform will also offer core model portfolio range through other platforms for all advisors.
P1 Investment will deliver a general investment account, an ISA, a junior ISA, a self-invested personal pension (SIPP) as well as the ability to manage assets from third party providers.
The company is initially looking to partner with around 30 advisory firms on the project.
The combined platform and model portfolio fee for P1 will be 0.5% per annum up to £1 million invested, falling to 0.1%v for any larger portfolios.
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By GlobalDataThe new service will provide portfolios to ‘Strawberry Invest’, a direct to consumer platform in which P1 will acquire a 49% stake.
Prydis managing director James Priday said: "P1 will not have its own advisers nor deal with individual clients directly. Therefore we are enabling advisers to protect the trusted relationship with their clients.
"We have already received a high level of interest in the DFM service and are currently speaking to a number of quality advisory firms that are keen to join P1 and have a greater influence over the investment service they use for their clients."
