A 3,000 strong adviser network is launching a new discretionary service next month.

Openwork has set up Omnis Managed Portfolio Service, which will be exclusively available to its advisers and their clients.

The firm stated that it 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.

The new service is designed to offer a “cost-effective tailored solution for clients seeking to outsource asset allocation decisions to a specialist professional investment team”.

Mark Duckworth, CEO at Openwork, said: “Our new service means our advisers will be able to enjoy one-stop access to some of the world’s best fund managers, with asset allocation informed by a leader in investment consulting, in a single cost-effective solution. We think this proposition should hold real appeal for advisers at a time of significant uncertainty for markets as well as the UK and global economies.”

It has appointed investment consultant Mercer to bring insight and expertise to the project.

Mr Duckworth said: “As the global leader in consulting Mercer was our first choice to provide insight and support to our new service and we are thrilled to work with such a prestigious firm."

Michael Curtin, partner and senior consultant at Mercer, said: “We are very pleased to have been selected by Openwork and look forward to bringing our asset allocation expertise to support its new discretionary service.”

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