Whitechurch Securities' online investment platform Pulse is to close following the takeover of Whitechurch by wealth manager Ascot Lloyd.

In addition, fund and wealth manager Marlborough will step in to become investment manager of £125m of former Whitechurch assets.

The changes follow financial advice Ascot Lloyd’s acquisition last year of Whitechurch, a wealth manager and discretionary fund manager (DFM).

Ascot Lloyd itself has been on the acquisition trail recently and last week acquired Aberdeen Financial Planning.

The £125m of Whitechurch assets were managed by Whitechurch’s DFM team for clients of other adviser firms and were held on its online investment platform, Pulse, and other platforms.

Marlborough says that as a result of Ascot Lloyd’s acquisition of Whitechurch, the DFM portfolio management service for clients of third-party advisers will no longer be available and the Pulse platform will be decommissioned.

Marlborough and Ascot Lloyd have reached an agreement which means that those affected will be offered the opportunity to transfer to Marlborough. The board of Whitechurch has written to advisers and their clients, telling them the service is coming to an end and highlighting the ability to transfer into Marlborough’s managed portfolio solutions (MPS) range.

Additional options include Marlborough’s bespoke discretionary portfolio management service, Personal Portfolio, and the group’s international multi-asset portfolios domiciled in Ireland. Those selecting the MPS option and with portfolios currently held on Pulse may be moved to the Select Platform, operated by Graphene.

Richard Goodall, CEO of Marlborough, said: “We’re very much looking forward to working with these advisers and helping them move their clients across to our portfolios in a seamless transition that’s positive for all involved.

“Looking ahead, our plan is to work in partnership with these advisers over the long term. We’re committed to helping them grow their businesses by providing first-class outcomes for their clients. The performance of our MPS portfolios is comparable to the best in the industry, but we believe advisers also have the right to expect outstanding service – and that’s exactly what we provide.”

Francis Jackson, CEO of Ascot Lloyd, said: “At Ascot Lloyd we’re focused on the delivery of clear, expert financial advice via our own advisers. Strategically, we therefore believe that Marlborough is well placed to service this group of third-party advised clients.”

Two members of Whitechurch’s business development team – Phil Miller and Catriona Inglis – have transferred across to similar roles at Marlborough to help ensure a smooth transition and continue to build strong long-term relationships with the advisers.