Abbey is to re-launch its wrap next year by integrating its existing proposition with a platform and Sipp using technology from Australian firm InfoComp.

Meanwhile, InfoComp has gained FSA approval to offer its wrap software on a white label basis to customers such as intermediary firms and banks, making their applications to the regulator much simpler.

Rob DeDominicis, CEO of InfoComp, said: “When we speak to people interested in setting up a wrap, many are unsure what they have to do from the FSA’s point of view. Basically we have all the documentation, meaning we can create a white label pack that businesses can use.  They can go to the FSA and say that they are using our license but extending it with their own specifications.”

In terms of the Abbey deal, having rebranded as the James Hay Wrap this week, the group’s platform has been upgraded to include functions such as cross client analysis tools, bulk fund trading and access to historical asset holdings.

InfoComp unveiled Composer to the UK market earlier this year.  The platform has the ability to administer a full range of products and wrappers with users able to set up basic rules governing how they want portfolios to be managed.

If an intermediary sets up a client’s portfolio with 5% held in cash, for example, the system can be set to rebalance that automatically. It can also be set so intermediaries are paid fees automatically with all transactions detailed on a client’s statement.

With Composer providing the back office and administration. The platform also has the ability to hold debt, such as mortgages.

Investment Week - 30/10/2006 - Margaret Taylor