Discretionary wealth manager Quilter Cheviot has lowered the charges for clients invested in its managed portfolio service (MPS) via its own nominee arrangements.

Where advisers decide that a client is better suited to investing directly with Quilter Cheviot, that client will now pay 0.50% for Quilter Cheviot’s MPS, down from 0.75%.

Clients coming directly to Quilter Cheviot will pay 0.70%, down from 0.90%.

The fee for investing via Quilter Cheviot’s own nominee arrangements includes both the investment management and Quilter Cheviot’s custody services.

David Butler, head of distribution at Quilter Cheviot, said: “It is important for suitability that clients have that choice and are invested in the way that is right for them. Having the total cost of ownership for custody MPS at a similar level as on platform MPS is a good way to provide that choice to advisers and clients and make it much easier to compare services.”

The MPS has also been added to the Aegon and Nucleus platforms, taking the number of adviser platforms it is available on to 17.

The Quilter Cheviot MPS is managed by Simon Doherty and Antony Webb.

It uses a ‘building blocks’ structure, a range of funds designed and actively managed by Quilter Cheviot for use within its MPS. Each block is designed to provide specific geographic or asset class exposure, and invests in a combination of direct equities, bonds or external fund holdings.

The wealth manager said the structure enables its to provide clients with a solution that is more agile and lower cost than a traditional funds-based approach.

Quilter Cheviot is part of Quilter plc. Quilter encompasses the Financial Planning businesses, Quilter Financial Planning, the Quilter investment platform and Quilter Investors, the multi-asset investment solutions business. Quilter Cheviot includes the discretionary fund management business, Quilter Cheviot, together with Quilter Private Client Advisers.