Brewin Dolphin has appointed Maitland as the authorised corporate director (ACD) and the fund administrator for the recently launched funds in its restructured £2.6 billion model portfolio service (MPS).
The advisory and administration firm will provide the implementation, operation and regulatory oversight of the manager-of-manager funds announced in January, which cover UK Equity, UK Equity Income, North American Equity and Global Bonds.
Fifteen sub-investment managers are working across the four strategies, including Miton's Gervais Williams and Martin Turner, Investec's Blake Hutchins and the JP Morgan team appointed to the UK Equity mandate.
Robin Beer (pictured), managing director of investment solutions and distribution at Brewin Dolphin, said: ‘Maitland has worked tirelessly to ensure that the set-up, implementation and on-going operation of the funds have been achieved on time and on budget.
‘The funds are central to the successful and economical operation of Brewin Dolphin’s MPS and we look forward to a long and fruitful relationship with Maitland.’
Patric Foley-Brickley, head of institutional business development and client management at Maitland, said: ‘The funds we have set up for Brewin Dolphin’s MPS have enabled Maitland to leverage its regulatory and operational expertise to successfully implement an innovative and intelligent solution to a complex and intricate business strategy.
‘We will continue to work hard to ensure that the service we provide to Brewin Dolphin gives them the solid operational and regulatory platform on which to grow their MPS business.’
Brewin previously said it would transfer around 60%, or around £1.5 billion, of MPS assets to its new structure in the four months leading up to May of this year.
As part of the overhaul, the firm – which has £39.7 billion in assets – reduced the ongoing MPS charges across its five core model portfolios, and announced it would pass total estimated cost savings of £3 million on to advisers’ clients.