What is co-manufacturing, what are custom or tailored model portfolio and what are the risks and benefits?
by Hoshang Daroga CFA, Investment Director, Elston Consulting
Is the AI boom starting to look like a bubble? Elston: related AUM figures
As at end December 2025, there is a total of £2.6bn of assets is invested across strategies designed by Elston Consulting, of which: £2.0bn in Managed Portfolio Service (MPS) managed by Elston Portfolio Management £0.6bn in Funds using Elston's Research and/or Indices MPS Asset breakdown Of the £2.0bn MPS assets: 73% is in co-manufactured custom portfolios 27% is in ready-made off-the-shelf portfolios Fund Asset breakdown Of the £0.6bn in Fund assets: 64% is in active asset allocation funds using Elston Research 36% is in systematic investment strategies using Elston Indices About Elston Elston Consulting is an investment consulting firm established in 2012 supporting UK Financial Advisers. Elston Consulting provides research, analytics and insights to investment managers and financial advisers. Our powerful risk analytics system - Minerva™ - helps quantify different aspects of risk and informs how investment strategies are managed and reported. Elston Consulting consults on approximately £6bn of assets with professional clients including 1) discretionary investment managers providing a Managed Portfolio Service (MPS 2) financial advisers providing their own Advisory Portfolio Service (APS) 3) asset managers managing Collective Investment Schemes (Funds) Elston has a comprehensive set of capabilities to research, design and develop custom multi-asset investment solutions, delivered as Portfolios, Funds and Indices. 
Well it stopped the Europeans talking about Venezuala!
The Trump administration’s geostrategic focus on security for the Western hemisphere, dubbed the “Donroe” doctrine, can be simplified as keeping US interests up in the Americas and Russian/Chinese interests out.  We were delighted to see Elston Consulting recognised as Best Investment Consultant at the Institutional Asset Manager Awards for the second year running.
Read the intereview with Henry Cobbe 
A multi asset fund is a single fund which includes within it a ready-made portfolio of funds from two or more of the 4 key asset classes: Equities, Bonds, Alternatives and Cash.
One way to imagine them is a Burrito with a little bit of everything: meat, veg and sauce (a diversified meal), wrapped up in a tortilla (a single fund wrapper) for convenience and ease of transportation!  Read Henry Cobbe’s view on where ETF asset raising will be strongest in 2026:
https://etfexpress.com/2026/01/11/chapter-2-geographical-split/ 
Find out more about the Elston Smart-Beta UK Dividend Index (ticker: ELSUKI)
For latest UK Equity Income index factsheet click here
Equities have recovered strongly from the tariff shock earlier in the year. Dollar weakness vs Sterling has weighed on the relative performance of US equities; however, this was a step-change and there are concerns for Sterling too. Gold has continued to perform very strongly on the “debasement trade” and Central Bank buying. Within Bonds, Emerging Markets are in better shape than Developed Markets, in our view.
The “Donroe doctrine” marks a new era. And a return to spheres of influence
On 4th December 2025, the Trump administration published its 2025 National Security Strategy (NSS).
The strategy envisages, accepts and even promotes return to great power diplomacy, realpolitik and spheres of influence. The NSS was controversial primarly for its criticism of European allies that made Vance’s 2025 Munich Security speech seem less like of an aberration and more of stated policy. The NSS is the stated intention of the Trump administration and actions will continue to follow policy.  Elston has launched the UK’s first smoothed MPS, available on Aberdeen, Hubwise, Nucleus and Wealthtime.
Read More: https://www.professionaladviser.com/news/4523751/elston-unveils-uk-multi-platform-smoothed-mps |
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