This collaboration combines Fairstone’s extensive client base and trusted advisory expertise with J.P. Morgan Asset Management’s global investment capabilities and proven track record, creating an effective partnership to deliver enhanced solutions for UK investors.
The partnership will see Fairstone utilise J.P. Morgan Asset Management’s global equity and global bond capabilities as core components of its new NOVA MPS (Managed Portfolio Service) range. The NOVA MPS will provide institutional-grade investment capabilities to retail clients at institutional pricing, delivering significant value at just 55 basis points.
Set to launch for new clients on 1st March, the range is designed to deliver proven investment solutions at a highly competitive price. Fairstone will seed the new range with over £500m on day one and anticipates that the exceptional quality and price of the offering will drive incremental assets into the Fairstone MPS ranges of £2bn over the next 12 months.
The strategic partnership extends beyond the NOVA MPS range, as Fairstone and J.P. Morgan Asset Management collaborate to develop further product innovations.
Speaking at the launch event, held at J.P. Morgan’s offices on London’s Embankment, Lee Hartley, CEO of Fairstone, commented: “Fairstone Investment Management was established to act as professional buyers of investment solutions, ensuring clients remain at the heart of our approach.
“The NOVA range, managed by Fairstone’s in-house investment management team, will feature segregated mandates run by J.P. Morgan Asset Management as cornerstone solutions. J.P. Morgan Asset Management was selected for their outstanding track record, with 88% of their global mutual fund assets under management outperforming their peers, and for the expertise of their team of over 1,300 global investment professionals.
“To remain the most trusted wealth management company and to continue delivering exceptional service to our 125,000 clients, we recognise the importance of partnering with leading suppliers. In J.P. Morgan Asset Management, we are confident we have found the right partner.”
Claude Kurzo, UK Country Head at J.P. Morgan Asset Management, added: “We’re excited to partner with Fairstone on launching an innovative new MPS solution that is expected to provide strong client outcomes at a very attractive price point. We also look forward to supporting Fairstone in helping their clients achieve their financial objectives, which includes leveraging our Guide to the Markets and training programs to support Fairstone’s advisers.”
Nick Stebbing, Chief Operating Officer at Fairstone, said: “This partnership delivers institutional-grade investing to retail clients, bridging a significant gap in the market. By working with J.P. Morgan Asset Management, we’re able to offer solutions that bring together robust performance and competitive pricing. This collaboration underscores our commitment to ensuring clients benefit from professional-grade strategies that were previously accessible only to large institutions.”
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Fairstone Group has published its latest annual report, highlighting a 32% year-on-year increase in revenue, reaching £154m pro forma fee income in the last quarter of 2023.
In addition, Fairstone has exceed £17bn of Funds Under Management and announced growth in every single one of its key areas – including client numbers, advisers, recurring income, gross margin, and profits.
A further 50% of people polled across all age groups echoed this sentiment, with 98% saying they thought starting a financial plan as early as possible is beneficial.
The findings of the new report by Fairstone, are more pertinent with recent government statistics estimating that 10 million people in the UK are expected to live to the age of 100.1
Despite the increased financial pressures this will have on consumers, only around 8% of all UK adults have received financial advice, according to a recent report by the financial services regulator FCA2, with “many consumers still holding money in cash that could be invested to provide higher returns.”
The results of Fairstone’s Annual Client Survey are published today as part of a new report, entitled Fairstone Report 2021 – Changing Landscapes – Retirement is not just for the old. The report timely coincides with National Pension Awareness Week, an annual initiative organised by Pension Geeks and supported by the Department for Work & Pensions, which sheds the spotlight on the importance of retirement planning.
For the survey, Fairstone polled over 1,600 of their clients, seeking their attitudes over a range of financial issues from their views on making provision for the fact people are living longer and the importance of investing ethically, to why they chose to take financial advice.
Further highlights of the survey revealed:
Fairstone CEO Lee Hartley said that the latest survey painted a changing landscape for the future of financial services and had implications for both financial advisers and their clients.
Mr Hartley added: “One statistic that stood out was that 98% of clients thought that starting a financial plan as early as possible was critically important. This clearly shows that our clients see the value of expert advice with a long-term view to maximise their investments, navigate volatility and achieve financial security.
“On a broader stage though, there is still much to be done across the sector to educate people about the importance of seeking financial advice and the value in starting that journey as early as possible.
“That poses a challenge and a wake-up call to our sector; as financial institutions we need to be focused on assisting consumers to have access to first-class advice and support at the right time in their lives, to empower and enable them to make better financial decisions.”
Fairstone’s client survey also identified the importance of education and learned behaviour to starting the foundations of financial planning, with nearly 70% of clients surveyed saying that they had introduced their children and/or grandchildren to the concept of financial advice.
Hartley added: “It is important for younger generations to be educated and informed on financial matters to demystify the subject and to empower them with the confidence to start their financial journey early.
“These conversations should start within the family as savings and investment habits develop over a lifetime, with family culture and age all impacting on decisions that are made.
“To support this, we are launching our Junior Finance Academy, which will include educational platforms which have been developed by university academics in partnership with financial institutions, to help inform the children of our clients on important financial issues, in a fun and accessible way.
“As a sector we need to prepare ourselves for the future where the younger generation will be with more money that they are used to having and needing to make it work harder than ever before.”
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1 https://www.gov.uk/government/news/over-ten-million-people-to-live-to-100
2 https://www.fca.org.uk/news/press-releases/fca-publishes-evaluation-financial-advice-market
