A 3,000 strong financial adviser network is to launch a Discretionary Fund Manager.

Openwork is to begin the service in April and has hired ex-Towry head of investment Toni Meadows.

It will be exclusively available to Openwork advisers and their clients.

Mr Meadows joins from Tilney Bestinvest, which last year acquired Towry. He has also had spells with both Close and Ashcourt Rowan.

Mr Meadows said: “Many advisers will find a discretionary service appealing at a time when political risk and an uncertain economic backdrop are increasing volatility and making short-term asset allocation decisions very challenging. I am delighted to be joining Openwork at such an exciting time for the business.”

Mark Duckworth, CEO at Openwork, said it is “designed to appeal to those who desire one-stop access to some of the world’s best fund managers, but with the tactical asset allocation decisions outsourced to a dedicated investment team”.

He said: “Our size, scale and buying power mean we can offer these services very cost-effectively to our customers. We are extremely pleased to have attracted someone of Toni’s calibre to lead this proposition.”

The new service will leverage Omnis’ existing 10-strong range of specialist sector funds, which includes bespoke strategies run by leading groups including Woodford Investment Management, Schroders and Threadneedle.

It will complement the existing Omnis ‘Graphene’ fund proposition, launched in 2013, which offers three risk-rated model portfolios – Cautious, Balanced and Adventurous – built using different long-term blends of the sector funds.

Openwork is a partnership with 3,000 financial advisers across the UK. It operates as a directly authorised, multi-panel distribution network.