Industry Updates

LGIM and Richmond Wealth partner on model portfolios featuring ETFs

LGIM started offering model portfolios in June 2021

Jamie Gordon

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Legal & General Investment Management (LGIM) and independent financial adviser Richmond Wealth have partnered to launch a six-strong range of model portfolios.

The six portfolios target different risk-return profiles by relying on passive ETFs and active funds from LGIM and third-party asset managers.

LGIM said it would conduct “regular reviews and rebalancing” of the model portfolios to keep them aligned with target risk profiles.

The firm added it would take on the mandatory due diligence required as part of new consumer duty rules.

Justin Onuekwusi, head of retail multi-asset funds at LGIM, will lead will lead the model portfolio solution (MPS).  

Paul Measures, head of intermediary solutions at LGIM, commented: “We are delighted to partner with Richmond Wealth, one of the leading advisers in the UK. We can help them offer their clients tailored model portfolios that suit a broad range of risk profiles.”

Chris Bryans, senior partner at Richmond Wealth, added: “[The partnership will] help Richmond Wealth focus on client service by outsourcing reporting and risk functions while also benefitting from LGIM’s data and insight.”  

LGIM first launched model portfolios in June 2021 with an initial annual management fee of six basis points.

In April 2021, the firm debuted a thematic fund of funds allocating to six in-house ETFs offering exposure to artificial intelligence, robotics and automation, cybersecurity, batteries, clean water, eCommerce logistics and healthcare and pharma breakthroughs.

The partnership is just the latest development in ETF model portfolios, with HANetf and Leverage Shares both partnering with Algo-Chain in recent months.

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