SIPP provider to launch on-platform DFM panel

Carmen Reichman
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A self invested personal pension (SIPP) provider is to launch a panel of discretionary fund managers (DFM) on its platform in a bid to satisfy what it said is adviser demand.

James Hay Partnership will appoint around six DFMs to provide model portfolio asset allocation services for clients on the platform from May. The service will officially be called 'discretionary managed model' (DMM). It will allow advisers to retain control of their client's portfolio on the platform while a DFM of their choice will pick the funds to invest in. Marketing director Chris Smeaton said advisers have increasingly turned to outsourcing post-Retail Distribution Review (RDR) but are keen to stay in control of the portfolio and client relationships. He said: "If you complet...

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