Managed Portfolio Services Report 2022
October 2022
This report is the third in the series of reports revisiting the world of Managed Portfolio Services following the reports from 2020 and 2021. The report has been commissioned by IFA/GBI/DFM Wealth Magazine and I hope that it will continue to provide advisers with sufficient knowledge and confidence to investigate the whole market of fund managers providing Managed Portfolio Services.
I believe that the choice of funds available should satisfy any client, irrespective of their investment opinions, attitude to investment risk, investment strategies, anywhere on the globe in any market.
Once again, I have given the fund managers the opportunity to provide information about their range of funds and some background information regarding their investment styles and philosophies. Additionally, I shall be looking to obtain information from various third-party, independent sources to undertake some basic comparisons of costs and charges and availability on platforms and other links that are set up within this field.
For those of you who have seen the reports from previous years, you will the same basic considerations of why advisers use Managed Portfolio Services. Nothing much has changed in this respect since the previous reports, but they may be a useful reminder.
What has changed is that many providers no longer account for VAT on their MPS funds. This has become a wider practice following the judgement obtained by Tatton Investment Management against HMRC in this respect. The legal argument being that MPS funds are a product, which should be exempt from VAT, rather than a fund management service that would be liable for VAT.
Most providers have embraced Environmental, Social and Governance (ESG) investment strategies to a greater or lesser extent. This is in line with the Financial Conduct Authority (FCA) edicts that advisers need to discuss Sustainable Investment with their clients as part of the advice process. I am not addressing ESG in any detail in this report, other than in the context of Managed Portfolio Services as I am producing a separate far more detailed report regarding Sustainable Finance shortly.
If you see any errors in the report, please advise me as soon as possible. If you would like to see other aspects of MPS investment covered in future editions, please feel free to get in touch.
The complete report runs to over 320 pages. This is split between the modules below for you to go straight to what interests you. Each of the modules opens a pdf for the subject.
The fund managers were asked to complete questionnaires.
The individual fund manager questionnaires are within each fund manager module.
Each question is covered in a module with the answers of the fund managers in a list.
The contributors to the report
Compliance Disclaimer
The material provided by the fund managers is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. This document does not constitute an offer or invitation to any person.
The information and opinions it contains have been compiled or arrived at from sources believed to be reliable at the time and are given in good faith, but no representation is made as to their accuracy, Any opinion expressed in this document, whether in general or both on the performance of individual securities and in a wider economic context, represents the views of fund managers at the time of preparation and may be subject to change.
Managed Portfolio Service portfolios are intended to be long-term investments. The value of an investment, and any income from it, is not guaranteed and can go down as well as up and there is the possibility of loss to the original investment. The different risks and costs of investing are outlined in this report and further information is also available in the terms and conditions documents of the individual fund managers. For most fund managers, this service is only available to investors who are advised by an authorised financial adviser. Investors who do not have a financial adviser will not be able to make an application to invest.
Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of investments to fall as well as rise.
The Catt’s Eye View will be a data controller in respect of your personal data. For information on how The Catt’s Eye View might process your personal data, my Privacy Policy will be available on request.
The Catt’s Eye View is unable to provide investment, taxation, or financial planning advice.