Investment Fund Services Limited (IFSL) has partnered with technology firm Hubwise to launch a service allowing advisers and wealth managers to convert segregated client portfolios into an OEIC structure.
IFSL, which is part of the Marlborough Group, will integrate Hubwise's online fund platform with its own fund administration services.
The two firms expressed the hope the new service would encourage financial firms to "unitise" their client portfolios by removing some of the hurdles and complexities that deterred them previously.
For firms, ISFL suggested, the benefits of using the OEIC structure would include reduced administrative costs, increased distribution opportunities and consolidation of operations. For clients, it should lead to stronger regulation, no VAT on investment fees and no capital gains tax on transactions.
Martin Ratcliffe, business and strategic development consultant at IFSL, described the service as a "full-on fund hosting solution".
"What we often hear is wealth managers, discretionary fund managers and larger IFA companies recognise these benefits but are deterred by the perceived complexities and cost of the process," he added.
"By combining our quality ACD and fund administration services with Hubwise's technology we are providing a comprehensive service, with an expert team guiding our clients through every aspect of launching and operating a fund, together with a high-quality full-service platform to host it on the web.
"It is a full fund-hosting solution."
Hubwise chief executive Angus Macdonald added: "We are two businesses serving the same market, with complementary expertise and a shared commitment to providing a first-class service, so there is a clear logic in working together.
"By integrating our two different areas of expertise in a single offering, we are creating what we believe to be a market-leading proposition."
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