Novia has boosted its discretionary management capability by teaming up with passive manager Seven Investment Management (7IM).
Under the tie-up, advisers using Novia can access the complete range of 7IM's passive model portfolios which are designed to link with the wrap's one-to-ten risk scores.
The 7IM model portfolios carry an annual management charge of 0.25% inclusive of VAT.
"We emphasise three things at 7IM - cost conscious portfolios with steady performance and managed risk," said 7IM director and co-founder Justin Urquhart Stewart. "This approach helps our clients sleep at night."
Novia now has over 30 discretionary managers on the wrap, ranging from model portfolios populated with passive or active funds to fully bespoke portfolio management options.
Meanwhile, 7IM has reduced the TER on its Asset Allocated Passives (AAP) range from over 0.7% to 0.61%.
"What we found was that for some holdings, it was more cost effective for us in effect to go beyond the existing tracker and ETF structures and build our own baskets of shares - which again reduced the cost of the funds and reduced the TERs even further, " said 7IM chief executive officer Tom Sheridan.
The AAP range, which now boasts over £1bn across its funds, utilise a set of passive mechanisms including ETFs and tackers as well as baskets of directly held shares.
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