Wealth manager and Financial Planner Evelyn Partners has launched its Index managed portfolio service (MPS) to the UK financial adviser market for the first time.

The service, which has an annual management fee of 0.15%, was previously reserved for direct clients.

The move follows a similar launch into the adviser market last week of its cash and cautious bond strategy, which had previously only been available to Evelyn’s own clients.

That was also launched with an ongoing fee of 0.15% a year, which covered portfolio management and custody charges.

The Index MPS is available on multiple adviser platforms, offering five portfolios aligned to different risk profiles: cautious, balanced, growth, adventurous and maximum growth.

It is open to accounts with a recommended value of £20,000 and above. It is being made available to advisers across through Aviva, Aberdeen Wrap and the Quilter platforms.

Alongside the 0.15% annual management fee, the estimated ongoing charges on the underlying funds and ETFs in the portfolios is 0.10%, the firm said.

Portfolio construction across the range uses traditional index trackers as well as factor funds and smart beta products, which is different to the approach from offerings which focus on market-cap weighted indices, Evelyn said.

The Index MPS team is headed up by experienced portfolio manager Dan Caps, who will actively seek to control duration and credit exposure in bond allocations and include exposure to alternative assets such as gold.

Mr Caps is a Chartered Financial Analyst, and a champion of bespoke passive and factor-based portfolios. He is also a co-manager on the Smart fund range of ready-made portfolios available on Bestinvest, Evelyn Partner’s online platform for execution-only investors. 

Matthew Spencer, head of intermediaries at Evelyn Partners, said: “Index MPS is a high-quality proposition, with a great track record, that benefits from our active and disciplined approach to asset allocation while also being designed for the cost-conscious client."

He said the Index MPS will sit alongside the firm’s active, core and sustainable MPS ranges, as well as its discretionary portfolio service and the cash and cautious bond portfolio strategy.