Legal & General Investment Management (LGIM) has today announced its Model Portfolio Service (MPS) partnership with Richmond Wealth, a leading Independent Financial Adviser with offices across the UK and Northern Ireland.
20 Feb 2023
Richmond Wealth has chosen to partner with LGIM, who will provide six competitively priced and bespoke Model Portfolios for its clients, offering active strategies with risk adjusted returns as well as specific risk return profiles for a broad range of investors.
The tailored model portfolios are positioned to help offer attractive returns in line with Richmond’s client’s investment goals. They will draw on LGIM’s broad suite of passive vehicles including ETFs as well as investing in active funds managed by LGIM and third-party managers. The LGIM team will take on the regular reviews and rebalancing of the model portfolios to ensure that investments are continuously kept aligned with investors’ risk profiles. LGIM’s tailored MPS offering will also leverage data and investment insights from their highly experienced asset allocation team with over 40 investment professionals, headed up by Emiel van den Heiligenberg.
As part of the partnership, LGIM will take on the mandatory due diligence required as part of new consumer duty rules. This coupled with the management of risk, compliance and reporting functions will generate more time for the team at Richmond Wealth to focus on financial advice and the day-to-day engagement with clients.
LGIM has established a robust risk management framework and a dedicated governance committee to ensure that portfolios remain on track. The LGIM Asset Allocation team oversees £65 billion in multi-asset funds and will work in partnership with LGIM’s Solutions team which oversees £200bn of institutional client portfolios, bringing together an array of expertise and experience from across LGIM*. Justin Onuekwusi, Head of Retail Multi Asset Funds at LGIM, will lead the Model Portfolio Service proposition.
LGIM’s MPS offering launched in June 2021 with the initial pricing set at an annual management fee of 6bps. As a growing client business, progress also made with the platform programme, with the creation of an adviser hub that can be white labelled to suit adviser needs.
Paul Measures, Head of Intermediary Solutions, LGIM: “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.”
Chris Bryans, Senior Partner at Richmond Wealth: “The partnership is good news for our clients who will benefit from LGIM’s scale and model portfolio investment expertise, targeting returns in line with their risk and investment goals. It will also help Richmond Wealth focus on client service by outsourcing reporting and risk functions, while also benefitting from LGIM’s data and insight.”
*Figures accurate as of 17 February 2023
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Legal & General Investment Management
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Legal & General Investment Management
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Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which a third is international. We also provide powerful asset origination capabilities. Together, these underpin our leading retirement and protection solutions: we are a leading international player in pension risk transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
*at 31 Dec 2022
Legal & General Investment Management
Legal & General Investment Management is one of Europe’s largest asset managers and a major global investor, with total assets under management of £1.29 trillion1. We work with a wide range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.
For more than 50 years, we have built our business through understanding what matters most to our clients and transforming this insight into valuable, accessible investment products and solutions. We provide investment expertise across the full spectrum of asset classes including fixed income, equities, commercial property, and cash. Our capabilities range from index-tracking and active strategies to liquidity management and liability-based risk management solutions.
1Globally, we manage assets of £1.42 trillion or CHF 1.75 trillion as at 31 December 2021 (source: LGIM internal data as at 31 December 2021). The data combines assets under management by LGIM in the UK, LGIMA in the US and LGIM Asia in Hong Kong. Assets under management include securities and derivatives positions.
*at 11 Jan 2023
Past performance is not a guide to the future. The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested. For illustrative purposes only. Reference to a particular security is on a historical basis and does not mean that the security is currently held or will be held within an LGIM portfolio. The above information does not constitute a recommendation to buy or sell any security. Views expressed are of LGIM as at 3 January 2023.
IMPORTANT LEGAL NOTICE
In the European Economic Area, it is issued by LGIM Managers (Europe) Limited, authorised by the Central Bank of Ireland as a UCITS management company (pursuant to European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (S.I. No. 352 of 2011), as amended) and as an alternative investment fund manager with "top up" permissions which enable the firm to carry out certain additional MiFID investment services (pursuant to the European Union (Alternative Investment Fund Managers) Regulations 2013 (S.I. No. 257 of 2013), as amended). Registered in Ireland with the Companies Registration Office (No. 609677). Registered Office: 70 Sir John Rogerson's Quay, Dublin, 2, Ireland. Regulated by the Central Bank of Ireland (No. C173733).
LGIM Managers (Europe) Limited operates a branch network in the European Economic Area, which is subject to supervision by the Central Bank of Ireland. In Italy, the branch office of LGIM Managers (Europe) Limited is subject to limited supervision by the Commissione Nazionale per le società e la Borsa ("CONSOB") and is registered with Banca d'Italia (no. 23978.0) with registered office at Piazza della Repubblica 3, 20121 Milan, (Companies' Register no. MI - 2557936). In Germany, the branch office of LGIM Managers (Europe) Limited is subject to limited supervision by the German Federal Financial Supervisory Authority ("BaFin"). In the Netherlands, the branch office of LGIM Managers (Europe) Limited is subject to limited supervision by the Dutch Authority for the Financial Markets ("AFM") and it is included in the register held by the AFM and registered with the trade register of the Chamber of Commerce under number 74481231.Details about the full extent of our relevant authorisations and permissions are available from us upon request. For further information on our products (including the product prospectuses), please visit our website.