Wealth Manager Charles Stanley has removed VAT from its Managed Portfolio Service (MPS) across its Dynamic Passive, Blended and Multi-manager models.

It joins a growing list of wealth managers to axe VAT including 7IM, Brooks Macdonald and AJ Bell following the green light from HMRC to do so.

Charles Stanley will remove VAT from its products from 1 March. 

Charles Stanley has also team up with data provider MSCI in a move which will mean its range of model portfolios in its Managed Portfolio Service being ESG-rated.

Sean Osborne, head of national accounts at Charles Stanley, said:  “The market demand for MPS has never been stronger and we are delighted that the removal of VAT now sees fees on our Managed Portfolio Services being charged from as low as 20bps and our total charges figure from as little as 30bps.”  

Charles Stanley’s new white paper ‘Book of Stories 2.0’ revealed that 23% of advisers said they saw a greater appetite for ESG/sustainable investing from clients last year.