Wealth manager and Financial Planner Quilter has added 40 new portfolios across its WealthSelect Managed Portfolio Service.

The portfolios are across eight levels of risk in active, blended or passive management styles.

The additions take Quilter’s WealthSelect MPS range to 56 portfolios, including third-party funds and managers.

The new portfolios are available via the Quilter platform today.

The MPS range has also revamped its fee structure.

The new portfolios will be available for a discretionary investment management fee of 0.15% for the passive portfolios, and 0.2% for the responsible and sustainable portfolios.

The older 16 portfolios will move to the same fee structure later this year.

Quilter said it will reduce the overall costs of the underlying funds to ensure the total customer cost for the existing portfolios remains unchanged.

David Tiller, commercial & propositions director at Quilter’s platform and Quilter Investors, said: “We are embracing a new era of adviser-led solution design. It was adviser requirements that necessitated the launch of these new WealthSelect portfolios. To help take risk out of advice processes, advisers told us that a scalable governed solution was only truly valuable when it offers the flexibility to match both their preferred investment approach and differing individual client needs.

“Being relevant requires choice. With WealthSelect advisers no longer have to compromise and now have the options that will allow them to balance a client’s investment objectives with ESG factors in line with their preferred style and fee level.”

WealthSelect was launched in 2014 and now manages over £9.6bn in assets from 64,000 investors across 1,800 adviser firms.