Quilter Cheviot is a major player in the UK within the Discretionary Fund Management (DFM) arena and is owned by Old Mutual Wealth. It manages just over £18 billion of assets.
Their Discretionary Portfolio Service is offered to clients with upwards of £200,000 to invest. The Managed Portfolio Service is offered to those with £25,000 or more to invest.
The Discretionary Portfolio Service is a bespoke investment management solution for higher wealth individuals.
Quilter Cheviot investment managers work with financial advisers and their clients to determine their investment requirements and objectives, and to build a portfolio that’s right for them.
Quilter Cheviot has extensive experience working with financial advisers, enhancing the service they offer, by providing access to their investment management expertise, also alleviating them from some of the regulatory responsibility associated with investment management.
This approach allows the financial adviser to act as an advocate for their client, actively challenging what Quilter Cheviot does and says, which arguably preserves the primary relationship of the financial adviser and underlying client.
The Managed Portfolio Service (MPS) is aimed at those with lower amounts to invest, but who nevertheless require a rigorous, disciplined and structured approach be applied to the investment of their capital.
The MPS offers a comprehensive range of collective model portfolios.
With seven strategies to choose from (cautious, conservative, income, global income, balanced, growth, global growth) they deliver a portfolio of investment funds that will meet client’s personal financial objectives and preferred level of risk.
All the strategies invest exclusively in collective investment schemes to provide greater diversification.
Quilter Cheviot’s investment managers have an average of 19 years’ experience, with research analysts to support their decision-making.
Offices are in Jersey, the UK and Ireland. A separate company under Old Mutual, Quilter Cheviot Limited in the first half of 2016 launched in the Dubai International Financial Centre regulated by the Dubai Financial Services Authority.
By way of proactive contact with investors, Quilter Cheviot promises six-monthly reports on investments.
The firm says of its investment process, “our objective is to identify future trends and formulate an appropriate investment strategy for your portfolio”. There is no overarching philosophy, rather managers invest through a “constantly evolving process”.
Quilter Cheviot are newly venturing into some international regions, and enabling clients to access a quality investment process is a good sign of improvement in the industry.
All that experience and resource does not come cheap though, and adding a DFM management fee (Quilter Cheviot estimate the total account charge to be around 1.2% for the Discretionary Portfolio Service) to the layers of charges already present through an offshore insurance bond, and commission based offshore financial adviser, means that portfolios will be having to work even harder just to stand still.
Fees and charges depend on the service offered.
In addition, your financial adviser will very likely charge a fee.
On their website Quilter Chevot state:
We charge a quarterly management fee, calculated as a percentage of your portfolio. This includes all aspects of portfolio management, reporting, review meetings, administration and, where appropriate, any costs for providing custody of assets. Our discretionary management fee will be subject to VAT, although there are some exceptions.
And for advisers:
If you wish to take an adviser charge on your client’s portfolio, your client should complete our adviser charging form, which is on the reverse of our Schedule of Charges. We will deduct the agreed charge quarterly and pay this to you. Please take care when considering the VAT position of your adviser charge.
My IFA bundled me in with these guys. Then when he moved location and I needed advice, I was told "Quilter Cheviot focuses entirely on the provision of investment management services. We do not provide financial advice." I was fairly satisfied until that point.
Whilst Quilter Cheviot is a respected name and they provide a range of international actively managed DFM solutions, we believe that there are still better and more cost-effective alternatives for expat investors.
If you already have a Discretionary Managed Portfolio with Quilter Cheviot and it is worth £50,000 or more, we recommend you have a free, no obligation X-Ray Review™ conducted to give you the information you need to make a decision on the best way forward.
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