Manx stockbroker launches low-cost platform

JPJShare.com, the execution-only stockbroker owned by Rivington Street Holdings, has launched a fund platform.

The platform offers access to 2,000 unit trusts, on 80% of which there is no initial charge.

On the remaining 20% of the funds, JPJShare.com charges no fee itself, leaving just the fund managers' charges.

JPJShare's new platform will refund trail commission of 0.25% of the value of investments, when the usual trail commissions it earns are 0.5% of the investment.

The broker has also capped its share of rebates from fund managers at £500. For example, a client with £500,000 in funds would get a £2,000 annual refund, and JPJShare.com would receive £500.

JPJShare.com claims it can maintain low charges due to favourable tax conditions, low salaries and low property prices on the Isle of Man.

The launch comes after the broker unveiled its low-cost SIPP product in July, rivalling offerings from Suffolk Life, James Hay and AJ Bell.