The multi-asset manager Wise Funds is to change the authorised corporate director (ACD) on two its funds, replacing Waystone Fund Services (UK) Limited with Marlborough’s Investment Fund Services.
Investment Fund Services is expected to take over as ACD for the £86m Wise Multi-Asset Growth and £71m Wise Multi-Asset Income funds in March and will also take on fund administration responsibilities for the two portfolios.
As ACD, Investment Fund Services will take responsibility for the two funds’ compliance with Financial Conduct Authority (FCA) regulations and ensure they are managed in the best interests of their investors.
Waystone has been served notice on the contract and the move has been approved by the FCA.
Vincent Ropers, CEO of Wise Funds and co-portfolio manager of the two funds, said: “In line with good practice, we undertake regular reviews of our service providers and as part of this process we research the services provided by other companies.
“As a result of this process, we have reached the conclusion that Investment Fund Services is strongly positioned to act as ACD for Wise Multi-Asset Growth and Wise Multi-Asset Income, as we continue to turn our growth strategy into reality.”
He added: “Our experience of working with Investment Fund Services so far has been very positive and we’re looking forward to a long and successful partnership.”
Allan Hamer, CEO of Investment Fund Services, said: “Our two companies share a similar culture, with a partnership approach to working with like-minded businesses, a ‘can-do’ attitude and, most importantly, a strong commitment to making a difference for investors by helping them achieve their financial objectives.”
He added: “We’re very much looking forward to working with the team at Wise Funds and using the wide range of expertise and experience within Investment Fund Services, and the wider Marlborough group, to support our common goal, which is to see the Wise funds continue to go from strength to strength.”