Chase de Vere is applying for regulatory permissions to launch its first discretionary investment service in the first half of 2018, Investment Week can reveal.
Previously, the firm has only provided advisory investment services, but it now intends to add a new discretionary model portfolio offering to sit alongside.
The group is in the process of applying for Financial Conduct Authority (FCA) permissions and finalising charges for the DFM service, although it said they will be "competitive" compared to similar propositions in the market.
Chase de Vere is also actively looking to recruit a head of portfolio management to run the new service, who will be supported by the firm's existing research and technical advice services team, based in Bath.
Stephen Kavanagh (pictured), chief executive of Chase de Vere, said the launch comes in response to increased demand from the firm's clients.
He said: "We have seen increasing demand from our clients for a discretionary investment service and more of our competitors are offering them. We need to continually adapt and improve our services to meet the demands of our clients and I see this launch as a natural evolution and enhancement of our advice and investment proposition.
"We are well placed to offer this service as we have over 200 independent financial advisers across the UK and billions of pounds of assets under advice.
"However, we want to ensure that we also provide a market-leading investment service and so, while we have many technical and investment experts at Chase de Vere, we are actively looking for an experienced investment professional to run our discretionary services."
A number of other wealth managers including Hawksmoor, Seven Investment Management and Quilter Cheviot have launched discretionary model portfolio services.
Most recently, MitonOptimal (formerly Coram Asset Management) launched a model portfolio service in November following the acquisition of Minerva Fund Managers.
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