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Hay wraps hits £12bn

James Hay says its wrap has reached over £12bn, with 6, 000 clients using its proposition, which has just reached its fourth anniversary.

This comes after it recently added another four funds from Neptune and Schroders to its wrap, bringing the total to 1,212 funds from 54 providers.

The funds are Neptune global alpha, Schroder corporate bond, Schroder monthly high income and Schroder strategic bond.

James Hay says it now has over 250 registered IFA users and claims that its number of clients and assets under management have doubled each year since its launch back in 2003.

The company also says that it has seen a 38.8 per cent increase in its average individual wrap account size to in excess of £250,000.

Chief executive officer Javier Maldonado says: “When we launched in September 2003, it was our stated intention to create the first comprehensive and scaleable wrap service, based on open architecture and a truly whole of market proposition.

“Four years on, we have made tremendous progress. With our technology part-ner Infocomp, who have a proven track record in the established Australian market, we have developed the architecture to deliver the UK’s first true wrap proposition.

“While other wrap providers have come and gone, James Hay has invested extensively into its wrap proposition and remains committed to further investment.”

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