The Morningstar UK Managed Portfolio database currently contains nearly 900 portfolios and over 50 providers, with the firm aiming to cover the majority of portfolios and providers by the end of 2022.
This new database allows users to view calculated performance and categorised portfolios, as well as ESG metrics and Morningstar's sustainability ratings and portfolio risk scores.
The database is independent, with no charge for providers to submit data and it is free to view. Morningstar said that "given the growth of UK Managed Portfolio products and limited options for advisers to achieve whole of market comparisons, this database provides transparency, comparability and a greater level of insight for financial advisers".
Morningstar consulted an advisory group of providers to create the database, which included firms such as AJ Bell, Brewin and Waverton.
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"As asset flows into managed portfolios are accelerating, Morningstar believes it is important to provide advisers with the same level of transparency on managed portfolios as is available for funds. In the past, the UK adviser market has struggled to compare the vast majority of solutions on a like-for-like basis," said Anastasia Georgiou, director of client solutions, adviser segment, EMEA.
"Given the growing global trend for outsourcing managed portfolios, demand for greater transparency and insight among the UK adviser market will only grow."
Kevin Doran, managing director of AJ Bell Investments, added: "For the first time, advisers will now be in a position to perform whole of market research within the MPS market without the need for cumbersome licences and permissions from the DFM.
"It finally puts MPS on the same footing as multi-asset funds and should accelerate the trend towards segregated model portfolios vs the single-line, single-price solution amongst those genuinely independent advisers.
"Game changing stuff from Morningstar."