A new “Portfolio Cloning tool” designed to help advisers and Discretionary Fund Managers has been launched by Ascentric.

The company said that its innovation reduces the need for manual rebuilding of portfolios, where there is a reasonable degree of similarity with a previously created model. The creators said this “greatly reduces the risk of error for advisers”.

It is estimated that the new tool allows advisers to create portfolios at least 50 per cent faster than before, Ascentric claimed.

Justin Blower, head of sales at Ascentric, said: “Providing advisers with the right tools to increase their efficiency and accuracy is crucial.

“The introduction of the cloning tool reflects the continued success of our model portfolio offering and our on-going efforts to continually meet the changing demands and needs of advisers.

“This new tool, combined with our in-house exchange trading capability and inclusive pricing option, offers advisers a true market leading model portfolio proposition.”

According to Ascentric, around 600 adviser firms use either their own or DFM managed model portfolios on its platform. The firm said over 2,700 model portfolios have client wrappers linked to them and in total there are 50,400 client wrappers using model portfolios.