Managed Portfolio Services  Report 2023

October 2023


This report is the fourth in the series of reports revisiting the world of Managed Portfolio Services following the reports from 2020,2021and 2022. 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.

Managed Portfolio Services Report October 2023 

The full document is attached.

If you want the glossy version produced by IFA DFM Wealth Magazines, please go to .


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.