That's a wrap

The scramble for the wrap market has started in earnest. There were rumours this week that a number of adviser firms have received backing from an un-named US sponsor to build their own wrap platform in an attempt to cut out providers. This is a reflection of the fact that previous attempts at wrap have generally been inadequate. If this group is successful it would have a huge impact on the industry - it could cut out the life offices completely and the group would wield huge power in negotiations with fund management groups. No wonder life offices have been falling over themselves to t...