The discretionary service has no annual or set-up fee and comes with regular reports and use of 7IM’s platform. However, a £50 charge is payable for a transfers in or to establish a regular contribution into the iSipp.

7IM has a two stage approach to building client portfolios, strategic asset allocation, which is based on analysis of historical asset class performance data, and tactical asset allocation, which manages the portfolios based upon market views.

The James Hay iSipp was launched earlier this year as a product placed between the firm’s low-cost e-Sipp and the full Sipp.

Tim Sargisson, managing director of James Hay Partnership, said: “It is great we have been able to link with 7IM in this way, we believe this venture will offer advisers and clients a compelling proposition from two well known and respected names in the market.”

Tom Sheridan, chief executive of 7IM, said: “We are very pleased to be working closely with the professionals at the James Hay Partnership and are looking forward to offering our discretionary service to the intermediaries who choose iSipp for their clients.”