AJ Bell Investcentre has announced the launch of a new Money Market managed portfolio service (MPS) with no annual management charge (AMC).
The portfolio available exclusively through AJ Bell’s platform will offer exposure to many near cash instruments, such as money market funds and short duration bonds.
According to AJ Bell, it is the only product in the market with no management charge meaning customers will only pay platform fees and the cost of underlying funds with an average operating cash flow (OCF) of 0.1%.
The service will allow customers to hold assets within their existing tax wrappers without transferring accounts to access cash saving products off-platform.
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Mark Rendle, AJ Bell product director, said: “In an environment where interest rates may sit above 5% for some time to come, a number of advisers and clients are looking for cash-like returns, while maintaining the benefits of remaining in their existing tax wrappers and having the flexibility to easily invest in other assets again at a time of their choosing.
“To help advisers service those clients we’re bringing to market the first Money Market MPS solution which carries no AMC. Combined with AJ Bell’s low-cost platform it makes this a highly attractive proposition for advisers and their clients.”