View more on these topics

Abbey wrap takes more than 600m

Abbey says its wrap has taken over 600m in new money this year and the service remains core to the business despite persistent rumours that it is set to close.

The firm says the rumours are “unhelpful” and new parent Banco Santander sees the wrap as a central pillar of its distribution strategy.

James Hay Sipp managing director Jan Regnart says the 600m taken this year comp-rises cash-only new business and is higher if in-specie transfer business is factored in.

Fellow wrap service Transact says it has taken 500m in new money this year taking its total assets under administration to 1.5bn.

Abbey’s total wrap assets are more difficult to determine as the figure is bundled in with James Hay’s total assets under administration- which inc-ludes all of its Sipp assets.

This figure comes in at 10bn, but Regnart admits the vast majority of this is old Sipp business.

Transact managing director Ian Taylor says: “Wrap has moved from being a slightly left-field idea being taken up by early adopters to something everyone is talking about. There has been a significant shift in market psychology on wrap.”

Regnart says: “No, the wrap is not dead and the rumours are unhelpful. It is a major part of Abbey’s strategy post-A-Day and we have taken around 600m this year in cash only new business.

“We are very, very keen on it and it is very important to Abbey and to Banco Santander.”


Aggressive tendencies

Nicola York looks at the battle lines have been drawn between lenders as they compete on buy-to-let pricing

Hits and myths

Selestia chief executive Brett Williams says the foundations of the retirement market are shifting

Ritchie says snub clients who reject BTL advice

Advisers should drop clients that reject their advice and insist on using their whole pension pots to purchase buy-to- let properties, warns Scottish Equitable pensions development director Stewart Ritchie. Recommending residential property in Sipps poses a significant misselling risk to IFAs, particularly where heavy gearing is involved and advisers will need to cover their backs […]

Buchan elected AITC chairman

The Association of Investment Trust Companies has elected Hamish Buchan as its next chairman to succeed Alex Hammond-Chambers in December.Buchan has been deputy chairman of the association since 2001 and has served on several of its committees. He also chaired a working group to produce the AITCs guide to good practice for the report of […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm