Selestia/Skandia will launch a complete open architecture platform in early 2008 to complement its integrated wrap.
Selestia head of investment marketing Graham Bentley says the wealth management platform will sit alongside its integrated wrap and allow hedge funds, investment trusts and other securities to be held.
The pricing structure is likely to follow a Transact-style approach, with the adviser or end-client paying a fee to use it.
The integrated wrap launches next summer, combining Selestia and Skandia MultiFunds.
Bentley says: “We will be launching a complete open architecture wrap by the beginning of 2008. I would expect people to graduate first to platforms, then to full wrap as they want to offer securities not available elsewhere. Traditional platforms will not disappear but there will be a significant move towards open architecture.”
Financial Technology Research Centre director Ian McKenna says: “They are right to prioritise other areas, such as integration, but the bigger players are increasingly going to look at this opportunity.”