Tatton Investment Management has been appointed by Tenet Group to provide a managed portfolio service for Tenet's appointed representatives and directly authorised firms.
The three-year appointment of Tatton Asset Management's investment management arm follows Tenet's decision to remove its centrally supported advisory model portfolios and was made after a market review of managed portfolio service providers.
Tenet chief executive Mark Scanlon said: "We remain committed to supporting our advisers' independence and, as one of the leading adviser support groups, we are constantly seeking to bring our members great solutions to help their clients meet their financial goals.
"Advisers may want to run their own advisory model portfolios and other fund solutions but we believe the efficiency of the Tatton managed portfolio service provides great support for advisers and delivers a professional end-customer experience. We are looking forward to working with Tatton to continue delivering great customer outcomes."
Describing the deal as "a significant win for both companies", Tatton Asset Management chief executive Paul Hogarth said: "This is a clear endorsement of our long-term strategy of aligning our business with the interests of financial adviser firms to our mutual benefit.
"Tenet conducted a rigorous and demanding selection process and we are delighted to have been selected. IFA firms of all sizes are recognising the benefits of outsourcing their investment management because of the difficulties in researching and maintaining investment portfolios themselves and we are at the forefront of this process."
Ascensia DFM contract
On a good day for Tatton, its investment management arm has also been appointed by Frenkel Topping, a specialist independent financial adviser and asset manager focused on asset protection for vulnerable clients, as investment manager for the latter's discretionary fund manager (DFM) Ascencia Investment Management.
The agreement is for an initial three-year term and will see Tatton manage Ascencia's core and passive products only, said Frenkel CEO Richard Fraser, adding: "The appointment of Tatton goes to the heart of our strategy - to scale the business - and, as we begin to execute our M&A strategy, Frenkel Topping requires the right partners and complementary expertise to manage investments effectively.
"The appointment of Tatton is part of the company's strategy to expand its asset management capabilities and this, together with Wellian Investment Solutions as its portfolio research partner, will enable the management team to further scale the business and offer a broader range of products. Tatton's focus on risk-adjusted returns, cost and performance is line with our conservative investment approach and we look forward to working with them."
Tatton Investment Management chief executive Lothar Mentel said: "We are delighted that Frenkel Topping have appointed us to manage their discretionary portfolios. The combination of risk-focused, cost-effective performance is transferable across mandates and we are very excited to be given the opportunity to work with the team at Frenkel Topping.
"Our investment process is a highly successful way for advisers to outsource their investment and create a centralised investment proposition on a portfolio level and also for those with their own DFM portfolios. "