London, 3rd December 2012: Kuber Ventures LLP has today announced the unveiling of the Enterprise Investment Scheme (EIS) industry’s first full service multi-manager platform that enables advisers to review, compare, invest and report on EIS portfolios. The independent Kuber platform aims to open up EIS investment to a broader audience in the same way that the traditional fund industry was transformed by the launch of fund platforms, such as CoFunds, over a decade ago.
Kuber has partnered with Allenbridge to provide extensive EIS due diligence for advisors and to develop a set of governance parameters that fund managers have to comply with before joining the platform.
The Kuber platform, which is being headed by established wealth management figures John Williams and Dermot Campbell in response to demand from the advisory community, aims to support advisers and provide them with a transparent approach to creating an investor’s EIS portfolio. It reduces administration by streamlining the application process and gives advisers access to consolidated performance and tax reporting to facilitate more meaningful communications with clients.
EIS investment, which offers the opportunity to benefit from investment returns underpinned by tax incentives, has recently received increased attention from investors, since the announcement expanding the size of companies qualifying for EIS funding, alongside an increase in the amount that can be invested in these schemes.
The Kuber platform enables investors to create a diversified portfolio of EIS holdings across a range of managers. Dermot Campbell, founding partner at Kuber Ventures explains: “The Kuber platform is about promoting EIS investing to a wider audience and making life easier for investors, portfolio managers and the advisory community. We believe the launch of Kuber has come at just the right time – there is a lot of confusion in the investment market surrounding EIS and Kuber will play a key role in clarifying the investment case. Investors are beginning to focus on EIS for many reasons, including the tightening of the pension rules, and the new opportunity for UK resident and non domicile individuals to remit overseas income and gains tax free to the UK.”
Lord Flight, chairman of the Enterprise Investment Scheme Association (EISA) says: “In much the same way that fund platforms increased demand in the mutual fund industry by promoting the asset class to a much wider audience, Kuber is set to do the same for EIS investment. There are lots of parallels. Kuber will bring simplified processes and portfolio construction to EIS investing, as fund platforms did in the mutual space. EIS is a product for private investors and in recent years, the market has shown signs that it is really growing up – a platform like Kuber is exactly what the EIS industry needs.”