Tilney for Intermediaries, a UK-based adviser outsourcing division of Tilney Bestinvest, has introduced a range of five risk-rated, multi-asset funds for advisors.

Called as the IFSL Tilney Bestinvest Advanced Passive Portfolios (APP), the five funds are labelled as cautious, balanced, growth, aggressive growth and income profiles.

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The funds, which combine smart beta and passive investment strategies, will be co-managed by chief investment officer Gareth Lewis and director of investment Strategy Ben Seager-Scott.

The new range will use an active asset allocation approach with both the new generation of advanced passive, or smart beta, passive investments and low cost trackers.

With a minimum investment of EUR1,000, each fund will have an annual management charge of 0.65%.

Gareth Lewis said: "These advanced passive investments greatly enhance the scope for investment managers like us to express active asset allocation views in a much more granular way than has been previously possible through use of traditional index funds."

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Tilney for Intermediaries head Miles Robinson said: "We have listened to the views of financial advisers who are hungry for lower-cost managed solutions for their clients but who also recognise the limitations of existing passives-only products that exclusively invest through market-cap weighted trackers."