Principal Investment Management has launched a private client wrap service called WealthSpace, offering investors a more transparent discretionary wealth management service.

The service will enable private investors to what it called 'cost-efficient' risk-rated model portfolios actively managed by its own advisers. According to Principal, the service will use a straightforward charging structure to eliminate 'hidden fees'.
 
Adrian Jewitt, sales and marketing director at Principal, said WealthSpace would provide a discretionary wealth management service for investors with more modest sums to invest.

He said portfolios would be rebalanced every quarter - and more frequently when markets are more volatile - to ensure they are in tune with market movements.

Jewitt added, 'With conditions in the financial markets changing all the time, this is a great way to make sure client investment portfolios are always structured appropriately.

'If the market changes, we can remodel the portfolios at the touch of a button.'

He said, 'This can be done systematically across one or more of the model portfolios and so can benefit all clients in those portfolios at the same time.'