British financial adviser Richmond Wealth has selected Legal & General Investment Management (LGIM) to develop model portfolios.

As part of the new model portfolio service (MPS) alliance, LGIM will create six model portfolios for Richmond Wealth clients.

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The customised portfolios will be developed to suite the clients’ investment goals.

They will invest in diverse passive vehicles such as active funds and exchange-traded funds (ETFs) in addition to active funds managed by LGIM and third-party managers.

LGIM will undertake regular reviews and rebalance the model portfolios to help the investors to continue to meet their risk profiles.

The proposed MPS will also use data and investment inputs from LGIM’s asset allocation team that features more than 40 investment professionals, led by Emiel van den Heiligenberg.

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LGIM will also be responsible for the mandatory due diligence needed as part of new consumer duty rules, as part of the new alliance.

The MPS will be led by LGIM head of retail multi-asset funds Justin Onuekwusi.

Leveraging the MPS, Richmond Wealth will be able to concentrate on financial advice and maintain daily relationships with its clients.

LGIM head of intermediary solutions Paul Measures said: “We are delighted to partner with Richmond Wealth, one of the leading advisers in the UK.

“We can help them offer their clients tailored model portfolios that suit a broad range of risk profiles.

“LGIM is well positioned to offer scalable partnerships, providing a robust investment proposition at a competitive price as firms review their Consumer Duty implementations plans.”

The latest collaboration comes shortly after LGIM announced the appointment of Patrick Lutz as head of wholesale distribution in Switzerland.