Private bank Weatherbys, which has a history dating back 240 years, has launched a new execution-only platform for clients with trading fees from 0.01%.
The platform, being launched in partnership with global trading provider Saxo, will allow clients to trade in shares, ETFs, bonds and funds.
Weatherbys, which also has a Financial Planning service, says the new service offers access to 50 international markets in 46 countries and a range of asset classes.
Weatherbys claims clients will be able to access "competitive institutional rates" with trading fees starting at 0.01% and custody fees from 0.06%. There are no account minimums and no other platform fees, the company says.
The platform has three levels of sophistication starting with a simple, user-friendly interface, to a platform for professional traders.
Weatherbys, which has a long connection to the horse racing sector, says it will offer personalised support for clients wishing to use the service, while Saxo will handle trade execution and platform queries in an FCA-regulated environment.
The launch follows Weatherbys’ recent expansion of its advisory service to include access to gilts, either through ongoing management or one-off consultations.
Weatherbys head of private clients Oliver Barnett said: “We offer clients outstanding core wealth management built with low-cost passive portfolios but at the periphery many would like the opportunity to manage some money themselves and to trade directly from their Weatherbys account.
"This new service, delivered in partnership with the world’s leading online trading and investing platform, Saxo, makes that possible.”
Andrew Bresler, CEO at Saxo UK, commented: “Partnering with Saxo brings over 30 years of technology innovation, fintech agility and unrivalled capital market access to Weatherbys clients. This enables Weatherbys to focus on what it does best, serving their clients, while offering a unique value proposition at scale.”
Founded in 1770, Weatherbys has four UK offices providing personal banking, lending and wealth advice services to mainly high-net-worth clients.
Saxo has more than 1.4 million clients and £104bn of assets on the platform.
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