A new financial product designed to appeal to DIY investors with an eye on management fees has been launched by Island-based wealth management firm IOMA Group.
Around 100 people gathered at the Broadway cinema in the Villa Marina for a breakfast presentation (4 Feb) of the 'Pound a Day Portfolio' by new CEO Phillip Scales.
The platform, open to those with a minimum of £25,000 to invest, charges a management fee of £1 a day or £365 for the year.
Mr Scales outlined three types of Pound a Day portfolios, offering investment opportunities in a range of funds, UK equities and companies.
In-house investment managers are Russell Collister, a founder of IOMA Fund and Investment Management, group investment director Paul Crocker and senior investment manager Mary Tait, all three of whom are Chartered Wealth Managers.
Russell Collister said: "More investors are looking online for ways to save and with our complete charging transparency and unique charging structure, we aim to provide a diverse and interactive service.”
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