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A world of difference

I was disappointed by Ian McKenna’s review of wrap offerings in the e-commerce supplement. He does not distinguish between platforms which offer a wide range of investment funds, such as Cofunds, and true wraps, such as Transact, that allow any investment as long as it is quoted on a stockmarket.

There is a world of difference between a provider that offers a range of external funds and a true wrap that provides an open structure for any quoted investment or mutual fund.

The range of tax vehicles within the wrap is just as important. The best wraps offer pensions, Isas, Peps, offshore bonds as well as a general portfolio and allow transfer in specie into the wrap and between the various tax vehicles within the wrap. It would have been more useful to have compared the contenders on the basis of these factors rather than on the hearsay of 13 advisers, some portfolio modelling tools and the ability to pre-populate forms.

Mckenna rates Standard Life’s wrap as ee+, even though, according to staff at Standard Life as at May 25, 2006, the wrap is still being trialled by around 13 brokers and is not available on the open market. Unless Ian was one of the lucky 13, his rating is not based on much more than hearsay from a handful of firms and Standard Life.

Linda Hulls,


Cameron Trinity,

Charlton, Banbury


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