James Hay has signed an agreement with Santander's third-party funds platform, Allfunds Bank, giving advisers improved execution and dealing services for funds from major UK and global asset managers.
The move is part of Abbey's bid to bolster its presence in the UK investment market in the wake of the group selling its life business to Resolution Life. Abbey is also owned by Santander. The core of this investment growth will see the group revitalising its wrap proposition with the Allfunds deal also providing improved research, data, tools and support services.
The Abbey Wrap now has over 1,000 registered users on its online platform with both the James Hay Sipp and the Abbey Wrap business pulling together a combined £11bn under administration.
Stefano Del Federico, sales director for wealth management at Abbey, said: "We aim to grow our intermediary investment sales by nearly 200% by 2008, and wrap and Sipp are two key areas of our business in which we are investing.
"Allfunds will sit alongside our current whole of market proposition and improve the efficiency of our service for advisers. It will be invisible to our customers, but behind the scenes, Allfunds will be helping us to provide highly efficient transaction services, research and various tools and data.
"We've accelerated the pace of our development and will be announcing further enhancements to our service in the Autumn," he added.
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