Newton Private Investment Management, part of BNY Mellon, has implemented a £500,000 (around $810,000) minimum investment threshold for new clients choosing a pooled account and a £1 million entry point for those clients desiring a bespoke portfolio, Citywire reports.

There was previously no formal minimum investment and there will be no change for existing clients, according to the report.

Driving the decision was the firm’s belief that its services are more appropriate for larger portfolios, along with increased costs associated with increasing regulatory scrutiny and the UK Financial Services Authority’s Retail Distribution Review package of reforms, a spokesperson was quoted as having said.

In contrast, as previously reported by WealthBriefing, towards the end of October Edinburgh-based Standard Life Wealth cut its minimum investment threshold from £1 million to £500,000 in a drive to broaden its client base. The decision came following a market review which showed there was attractive business within this segment, the firm’s chief executive Richard Charnock said at the time.

Newton had not responded to enquiries on the matter at the time of publication.