James Hay picks up the pace with Allfunds Bank deal

23 June 2006

Press Release

As one in a series of developments under an accelerated growth plan for Abbey's Wrap and SIPP businesses, James Hay is announcing a deal with Europe's largest third-party funds platform, Allfunds Bank. The deal will see Allfunds providing James Hay with execution and dealing services for funds from leading UK and global asset managers, as well as research, data, tools and fund support services.

Abbey has signalled its ongoing commitment to the intermediary market, and has ambitious plans to grow its share of the UK investment market following its announcement of the sale of its life businesses to Resolution plc. A major element of this will see it focusing on radically enhancing its wrap proposition for IFAs and the Allfunds deal will be an important example of the commitment and investment being put into developing this area of the business.

Ignacio Izquierdo, Head of Sales and Marketing, Abbey Insurance and Asset Management, said, "The link with Allfunds Bank will be a major step in delivering efficient investment solutions to IFAs and their clients. We are wholly committed to accelerating our growth through investing in our business, systems and services to radically improve our proposition for IFAs and intermediaries."

Allfunds Bank UK Director, Holly Mackay says "We're delighted to announce this deal. James Hay is an extremely important client for us. We will provide our electronic transaction services, research and investment consulting support as well as fact sheets, tools and data. I am confident this will help James Hay deliver market-leading investment services to its IFAs."

Abbey's Wrap business has already seen its assets under administration rise by 29 per cent over the last six months and earlier this year passed the milestone of 1000 registered users of its online platform. Further enhancements to the platform are in the pipeline for the coming months.

James Hay SIPP and the Wrap business together have some £11 billion under administration. James Hay is celebrating the tenth anniversary of its market leading SIPP this month.

Notes to editors:

Photograph available on request of Holly Mackay, Allfunds Bank and Ignacio Izquierdo, Abbey.

• Allfunds Bank is Europe's biggest mutual funds platform. They currently have _35 billion on their platform and operate in the UK, Spain, Italy, Portugal and Latin America. The group represents some 140 global asset managers on the platform. Allfunds Bank launched in the UK on 6 April 2006.
• This material is aimed at Intermediaries and Investment Professionals only. Abbey for Intermediaries is a brand and not a regulated company. Abbey is a registered trademark of Abbey National plc. Registered office: Abbey National plc, 2 Triton Square, Regents Place, London NW1 3AN. Registered no.2294747.
• Abbey is a registered trademark of Abbey National plc. Abbey National Wrap Managers Limited (Registered in England No 4773695) is a company owned by Abbey National plc, providing web-based transacting, reporting and administration facilities.
  Registered office: Abbey National House, 2 Triton Square, Regent's Place, London NW1 3AN, United Kingdom. Telephone 0870 607 6000. Authorised and regulated by the Financial Services Authority (FSA). FSA Registration Number 225574. You can check Abbey National Wrap Manager's authorization with the Financial Services Authority at www.fsa.gov.uk/register. The Wrap SIPP is not a regulated product as defined by the Financial Services and Markets Act 2000.