Quilter Cheviot has lowered the charges for clients invested in the Managed Portfolio Service (MPS) via its own nominee arrangements.

Where advisers decide that a client is better suited to investing directly with Quilter Cheviot, that client will now pay 0.50% for Quilter Cheviot’s MPS, down from 0.75%. Meanwhile, clients coming directly to Quilter Cheviot will pay 0.70%, down from 0.90%.

The fee for investing via Quilter Cheviot’s own nominee arrangements includes both the investment management and Quilter Cheviot’s custody services. This move helps to ensure costs are as aligned as possible for clients regardless of whether they are investing via a third-party platform or with Quilter Cheviot directly.

Furthermore, to increase the access available for financial advisers, Quilter Cheviot’s MPS has been added to Aegon’s and Nucleus’ platforms.

This latest move takes the total number of adviser platforms the Quilter Cheviot MPS is available on to 17, with it being accessible on some of the largest platforms in the market, as well as more specialist ones to increase the attractiveness for advisers. The business is also in discussions with other platforms to widen accessibility further.

Managed by Simon Doherty and Antony Webb, Quilter Cheviot’s MPS utilises a unique ’Building Blocks’ structure - a range of funds designed and actively managed by Quilter Cheviot, exclusively for use within its MPS.

Each Building Block is designed to provide specific geographic or asset class exposure, and invests in a combination of direct equities, bonds or external fund holdings, providing clients with a solution that is more agile and lower cost than one with a traditional funds-based approach.

David Butler, head of distribution at Quilter Cheviot, said: “Having already reduced the overall cost of investing in our MPS with our Building Block structure, we are really pleased to find more efficiencies that can ultimately benefit the end client. We wanted to equalise the way in which people access our MPS whether that be via an adviser platform or directly through our own custody.

“It is important for suitability that clients have that choice and are invested in the way that is right for them. Having the total cost of ownership for custody MPS at a similar level as on platform MPS is a good way to provide that choice to advisers and clients and make it much easier to compare services.

“We are also delighted to be added to more quality adviser platforms. We work closely with advisers to understand where they want to access our MPS, and we have optimised the service in a way so that it can work with platforms in an efficient and seamless manner.”