IFSL Partners with Hubwise

IFSL has formed a strategic partnership with technology business Hubwise to launch a new service to make it simpler for wealth managers, discretionary fund managers and IFAs to convert segregated client portfolios to an OEIC fund structure.

Integrating IFSL’s Authorised Corporate Director (ACD) and fund administration services with Hubwise’s online fund platform is designed to remove hurdles that have previously deterred businesses from unitising their client portfolios.

Martin Ratcliffe, Business and Strategic Development Consultant at IFSL, said: “There are significant benefits for businesses and their clients when they use an OEIC fund structure as an umbrella to shelter individual portfolios. These include tax advantages and reduced administrative costs.

“What we often hear is that wealth managers, DFMs and larger IFA companies recognise these benefits but are deterred by the perceived complexities and cost of the process. What our service does is to remove those hurdles, as well as providing a daily ‘look through’ facility for investors to view their underlying investments.

“By combining our quality ACD and fund administration services with Hubwise’s technology we’re providing a comprehensive service, with an expert team guiding our clients through every aspect of launching and operating a fund, together with a high-quality full-service platform to host it on the web. It’s a full fund-hosting solution.”

Wayne Green, Managing Director of IFSL, said: “We’re very proud of the reputation IFSL has built as a leading provider of ACD and fund administration services. Our strategic partnership with Hubwise increases the breadth of our service and, we believe, marks the start of a significant new chapter in the growth of IFSL.”

Angus Macdonald, CEO of Hubwise, said: “We’re two businesses serving the same market, with complementary expertise and a shared commitment to providing a first-class service, so there’s a clear logic in working together. By integrating our two different areas of expertise in a single offering, we are creating what we believe to be a market-leading proposition.”

The benefits of unitising portfolios into an OEIC fund structure include:

For clients

• No Capital Gains Tax on transactions within the fund
• No VAT on investment management fees
• Strong regulation of OEIC products
• Transparent, published performance

For businesses

• Reduced administrative costs
• Simplified model for efficient rebalancing of portfolios
• Consolidation of operations such as dealing
• Increased distribution opportunities
• Adding value to your business