Adviser platform AJ Bell Investcentre is to give financial advisers access to third party Managed Portfolio Services (MPS) from external Discretionary Fund Managers via its platform for the first time.

The third-party MPS will be added to the existing AJ Bell MPS option and the AJ Bell multi-asset funds.

The firm says the new service will give advisers additional access to outsourced investment solutions for clients’ portfolios.

Initially the new service will offer access to managed portfolios from FE FundInfo and LGT Vestra, with Brewin Dolphin due to be added soon.

More third-party MPS partners will be added over time.

The third-party MPS is available via AJ Bell Investcentre’s Retirement Investment Account, SIPP, ISA and General Investment Account.

Clients will continue to pay AJ Bell’s existing platform charge when using the new service and the charge levied by the third-party MPS provider. 

Billy Mackay, marketing director at AJ Bell Investcentre, said: “Expanding our model portfolio service to include external portfolios alongside our own investment solutions is something advisers have asked us for and we are pleased to be able to offer it.

“Advisers will now be able to utilise the investment expertise of a carefully selected panel of third-party MPS providers. It gives them more choice to help service their clients’ needs and we will be adding more MPS partners to expand the service further.”

AJ Bell was established in 1995 and had assets under administration of £54.3 billion and 282,000 customers as of June.