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Jeremy Bradburne

Lifetime’s chief executive is a keen competitor on the classic car racing circuit and he aims to help the wrap platform become a driving force in the market.

Jeremy Bradburne has travelled a long road before bec- oming chief executive of wrap platform Lifetime. The classic car enthusiast roamed around the world and then paid his dues at a variety of well-known financial institutions.

He believes that wrap providers need to come together to form some kind of trade body to lobby the Government and fight for common interests within the industry.

Bradburne spent the early part of his career as an inter- national tax and commercial lawyer with Clifford Turner, now Clifford Chance, travelling between London, Amsterdam and New York. He describes these years as “wild times” where everything seemed possible and business kept booming, where there was little or no thought of bubbles bursting or stockmarkets crashing.

He contrasts this feelgood era with present concerns over financial securities and pensions and says people need to focus on getting control of their financial affairs, which is where he says wrap steps in.

“The time for the wrap platform has come. People are thinking much more about their finances compared with 20 years ago, wanting more control and responsibility which is the central benefit of wrap.”

He adds that that this focus on customer control does not mean sidestepping the adviser market and says there is no chance of Lifetime offering deals direct to the consumer.

Bradburne explains that the platform’s role is to help advisers and believes it will be a catalyst for IFAs to be less reliant on commission sales and moving to fee-based business.

Back in 1985, he moved to investment bank Salomon Brothers as director of European tax, becoming chief financial officer in 1990 before joining JP Morgan in 1992 as managing director, head of structured finance, implementing a strategy for the securitisation in European markets. It was in 1995 that Bradburne first met Derek Noone which led to the creation of Lifetime where Noone is a director. Bradburne says: “Without Derek, I would not have gone it alone with Lifetime, his drive and talent have made the whole thing possible.”

In 2000, Bradburne became involved with Millfield, accompanied by Noone, joining the board shortly before flotation in 2001. Bradburne emphasises the IFA connection when discussing the virtues of Lifetime, saying this experience helped him understand the adviser market. Bradburne and Noone resigned from their Millfield board positions in 2004 to concentrate on Lifetime which is 70 per cent owned by Norwich Union and 25 per cent owned by Millfield.

Bradburne shrugs off suggestions about the potential conflicts of having NU backing. He says: “We are an autonomous business and independent where it matters but have the advantage of reassuring backing from NU.”

Looking ahead, Bradburne does not see a sudden explosion in the wrap market, saying Lifetime is interested in the long-term gains that he believes will be on offer when consumers are fully engaged by the industry.

T here has been much talk about new players entering the wrap market as well as how many different firms will survive. Bradburne says it is impossible to predict how many wraps will succeed but believes there is room for a number of credible players which is needed to ensure the industry is driven forward by competition.

Bradburne lists one of his main interests as politics, although he says he has no party allegiances, and he is eagerly awaiting the findings of the Turner report on pension provision.

It is widely reckoned that compulsion in the pension market would be hugely beneficial to the wrap market, driving it forward in the way it did in Australia.

Bradburne would welcome a move towards compulsion as long as the circumstances were right and it was not introduced through the back door. He is concerned that the issue is turning into a newspaper fear story about hidden taxes, ignoring the benefits of the policy.

Opera is another of Bradburne’s passions, stemming from an interest in Italy and Venice in particular. “I love the style of the city, the way of life, the history and the culture.” Mozart’s operas are a particular favourite.

He also. of course, enjoys motor sport, both watching and competing. His ambition is to win a significant motor race. “It is a very vibrant scene in the UK. My favourite drives are an old Austin Martin and a Lotus Elan.”

This scene involves putting 1950s and 1960s cars back on the road, racing on famous tracks such as Silverstone and Goodwood at speeds of up to 100 mph.

It remains to be seen if Lifetime will keep up to speed with competitors but Bradburne hopes, with deals already in place with Tenet and Millfield and his range of experience, he can help the platform become a driving force in the market.

Born: December 5, 1955, Preston, Lancashire

Education: Queen Elizabeth’s Grammar School, Blackburn; University College, London and Queens’ College, Cambridge

Career: 1981: inter-national tax and com-mercial lawyer with Clifford Turner (now Clifford Chance); 1985: Salomon Brothers the investment bank, director of European tax; 1990: Saloman Brother, chief financial officer; 1992: JP Morgan in London, managing director and head of structured finance; 1995: Sumitomo Finance International, head of structured finance; 2000: Millfield, director; 2004: resigned from Millfield to concentrate on Lifetime

Likes: Motorsport, politics and opera

Dislikes: Failure

Life ambition: To win a significant historic motor race

Car: Alfa Romeo

Hero: Stirling Moss

Favourite book: The Death of Common Sense by Philip Howard

Favourite film: The English Patient

Favourite album: Songs about Jane by Maroon 5

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  1. I was at school with Brad.good to see my peers have had a successful career

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