--- title: Modernising our portfolio structure description: Discover how AJ Bell Investments is modernising its MPS and multi-asset funds structure to lower client investment costs and implement decisions faster. --- [Skip to content](https://landing.investcentre.co.uk/modernising-portfolio-structure#main-content) [![AJ Bell logo\_Feel\_good\_advising\_White stacked lock-up](https://landing.investcentre.co.uk/hs-fs/hubfs/AJ%20Bell%20logo_Feel_good_advising_White%20stacked%20lock-up.png?width=200&height=85&name=AJ%20Bell%20logo_Feel_good_advising_White%20stacked%20lock-up.png "AJ Bell logo_Feel_good_advising_White stacked lock-up")](https://www.investcentre.co.uk/) # Modernising the structure of our MPS and multi‑asset funds We’re modernising our portfolio structure within selected AJ Bell Managed Portfolio Service (MPS) portfolios and multi‑asset funds. ### From early 2027 From early 2027, our new 'building blocks’ approach will help us lower client investment costs and implement investment decisions faster, while maintaining the same investment objectives, risk profiles and approach that clients value. ## Why are we doing this? Watch AJ Bell Investments’ Managing Director, Ryan Hughes and Andrew Donald, Investment Sales Director, discuss the changes and the benefits they could bring to you and your clients.    7-minute watch ![Ryan Hughes](https://landing.investcentre.co.uk/hs-fs/hubfs/20260701_Investment_Monthly_Ryan_headshot_Circle.png?width=100&height=100&name=20260701_Investment_Monthly_Ryan_headshot_Circle.png "Ryan Hughes") Ryan Hughes AJ Bell Investments' Managing Director ![Andrew Donald](https://landing.investcentre.co.uk/hs-fs/hubfs/AndrewDonald_500_red.png?width=100&height=100&name=AndrewDonald_500_red.png "Andrew Donald") **Andrew Donald** Investment Sales Director [CONTACT YOUR BDM](https://landing.investcentre.co.uk/modernising-portfolio-structure#contact-us) ## What’s changing? From early 2027, subject to regulatory approval, we’ll be introducing seven new index-tracker funds that will mainly be used within selected multi-asset funds. We’ll also bring in four allocation funds that will mainly be used within selected MPS portfolios. ### 7 new index-tracker funds ### 4 allocation funds ### Same investment approach We’ll continue to use third-party investments where appropriate, but will utilise the new AJ Bell Funds wherever they can deliver market exposure more efficiently. The overall investment approach will stay the same: the same trusted team, investment objectives, risk profiles, market exposure, governance and oversight. ## What it means for you and your clients FOR YOUR CLIENTS ### Your clients can expect: Lower investment costs More of your clients’ money will stay invested, thanks to reduced investment costs. This includes a price cut of nearly 20% across our multi-asset growth funds. This will see the ongoing fund charge fall from 0.31% to just 0.25% a year from 1 February 2027.  More responsive portfolio management By implementing more investment decisions within our new funds, our Investments Team will be able to make changes more quickly as markets change.  Potential longer-term tax benefits  For MPS clients investing through a General Investment Account, making more investment decisions within funds could mean fewer taxable gains from future portfolio changes. FOR YOUR BUSINESS ### What you can expect: A clearer value story  Lower costs, more efficient portfolio implementation and the same trusted investment approach give you a simple, positive story to share with clients. Greater efficiency  A more efficient investment structure enables us to implement investment decisions faster, while maintaining the same investment objectives, risk profiles and market exposure. The reassurance of experience and scale  AJ Bell Investments is trusted to manage £12.1 billion of assets for more than 250,000 customers. That scale allows us to introduce a more efficient structure, creating opportunities to lower costs and improve the speed and efficiency of our portfolio implementation. ## Useful resources [![Modernising our structure summary](https://landing.investcentre.co.uk/hs-fs/hubfs/AJBell_Modernising_our_structure__500x500.png?width=250&height=250&name=AJBell_Modernising_our_structure__500x500.png "Modernising our structure summary")](https://www.investcentre.co.uk/sites/default/files/AJBell_Modernising_our_MPS_and_multi-asset_structure.pdf) Modernising our portfolio structure summary [VIEW SUMMARY](https://www.investcentre.co.uk/sites/default/files/AJBell_Modernising_our_MPS_and_multi-asset_structure.pdf) [![AJBell MPS client summary](https://landing.investcentre.co.uk/hs-fs/hubfs/AJBell_MPS_client_sales_aid_500x500.png?width=250&height=250&name=AJBell_MPS_client_sales_aid_500x500.png "AJBell MPS client summary")](https://www.investcentre.co.uk/sites/default/files/AJBell_MPS_client_sales_aid.pdf) Explaining the MPS changes to clients [VIEW CLIENT SUMMARY](https://www.investcentre.co.uk/sites/default/files/AJBell_MPS_client_sales_aid.pdf) [![AJBell Multi asset growth funds client summary](https://landing.investcentre.co.uk/hs-fs/hubfs/AJBell_Multi_Asset_Growth_Fund_client_sales_aid_500x500.png?width=250&height=250&name=AJBell_Multi_Asset_Growth_Fund_client_sales_aid_500x500.png "AJBell Multi asset growth funds client summary")](https://www.investcentre.co.uk/sites/default/files/AJBell_Multi_Asset_Growth_Fund_client_sales_aid.pdf) Explaining the AJ Bell Funds changes to clients [VIEW CLIENT SUMMARY](https://www.investcentre.co.uk/sites/default/files/AJBell_Multi_Asset_Growth_Fund_client_sales_aid.pdf) ## Continue the conversation Whether you already work with us, or are considering using us in future, our Business Development Managers can help you explore our MPS and multi-asset fund range, and explain what our new approach could mean for your business and your clients. [SPEAK TO YOUR BDM](https://landing.investcentre.co.uk/investment-bdm-enquiry?hsLang=en) ![Contact us](https://landing.investcentre.co.uk/hs-fs/hubfs/Contact_bubbles_500x450.png?width=400&height=360&name=Contact_bubbles_500x450.png "Contact us") ## Useful questions and answers Why are you making this change now? **As we’ve grown, our scale has given us more opportunities to deliver better value for clients.** We’re now able to **create our own low-cost funds, and introduce a more efficient investment structure,** helping us lower investment costs and implement investment decisions more quickly. It’s an evolution of how we manage investments, while keeping the same investment objectives, approach to risk and investment oversight. What are the key client benefits of the new structure? **Lower investment costs** – including a price cut of nearly 20% across our multi-asset growth funds from 1 February 2027.  **Quicker portfolio changes** – our investment experts can implement portfolio decisions quicker, without having to wait for the next rebalance date.   **Potential longer-term CGT benefits for General Investment Account holders** – as more investment decisions can be made within the new funds.   **Same trusted investment approach** – with no change to investment objectives, risk profiles or market exposure.  Will you notify my clients of the changes? We’ll provide you with **client-ready information to help you explain the changes and what they mean for your clients.** Where your MPS clients invest through a General Investment Account, it’s particularly important to consider whether the initial changes could have capital gains tax implications, and to discuss any worthwhile action with them before the changes take effect.   Will the new AJ Bell Funds be used across all portfolios and multi-asset funds? **No, we’ll only use the new AJ Bell Funds where they can help us deliver better value and manage investments more efficiently, while continuing to use third-party investments where appropriate.** The new funds will be used most extensively within our Passive MPS and multi-asset growth funds, with more limited use across some other ranges.   Will my clients still have diversified portfolios? **Yes, the new structure provides a simpler way to hold a diversified portfolio.** Clients may see fewer individual holdings, but their investments will continue to be spread across different markets, with the same overall market exposure and approach to risk Will you still have quarterly rebalancing?  **Yes, quarterly reviews will remain an important part of how we manage portfolios.** The difference is that the new structure gives us greater flexibility between those review points. Where the new AJ Bell Funds are used, we can implement more investment decisions within the funds without waiting for the next rebalance, helping portfolios respond more quickly to changing market conditions. When will the changes take place? We expect to start introducing the changes from **early 2027**. For MPS, we’ll aim to align implementation with the January strategic asset allocation where possible.  The new funds remain subject to regulatory approval. The new AJ Bell Funds are subject to regulatory approval. Tax treatment depends on your clients’ individual circumstances, and may change in the future. The value of investments can go down as well as up, and your clients may not get back their original investment. *4 Exchange Quay, Salford Quays, Manchester M5 3EE* Copyright © 2026, AJ Bell ```json { "@context" : "https://schema.org", "@type" : "VideoObject", "contentUrl" : "https://143403424.fs1.hubspotusercontent-eu1.net/hubfs/143403424/video_assets/512674449629/inherited/web_optimized.mp4", "dateModified" : "2026-11-11T12:02:42.093Z", "duration" : "PT7M21.08S", "height" : 1080, "name" : "BuildingBlocksAnnoucement", "thumbnailUrl" : "https://landing.ajbelltouch.co.uk/hubfs/BuildingBlocksAnnoucement.mp4/medium.jpg", "uploadDate" : "2026-11-11T12:02:42.091Z", "width" : 1920 } ```