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NU finally set to launch the lifetime wrap with Millfield

Millfield advisers are being trained on the lifetime wrap which will be launched with new Norwich Union technology.

IFAs from the firm are being put through a training course that will double as a pilot for the wrap account that finally looks set to launch this year after three years of development.

The project was originally unveiled by Millfield in June 2002 as part of a joint venture with Australian financial services firm AM Corporation which sold its share to Millfield.

Millfield have since sold stakes to Norwich Union, which now holds 70 per cent, with Millfield retaining 24.7 per cent.

The lifetime wrap account was hit by the closure in September 2004 of JP Morgan FundsHub which was supposed to be providing the software for the product. This forced NU to take all software for the wrap in house. NU says it had intended to do this all along but the FundsHub closure had forced its hand sooner than expected.

The new wrap was tested in December last year and has been gradually shown to advisers for training. No launch date has been scheduled since NU wants to ensure it is fully functional before being released. It is also working with the FSA on ensuring that it is compliant.

NU head of marketing Paul Stokes says: “We do not believe there is a complete wrap on the market at the moment. This must seem like it has been a long time coming for some people but we want to ensure it can do everything we want it to before launch.

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