James Hay and Abbey expand Wrap funds to over 1,000

31 July 2006

Press Release

Abbey Wrap, soon to be re-launched under the James Hay name, has passed another growth milestone, with over 1,000 funds now available through its discounted Investment Centre.

Since the start of the year, some 150 funds and five new fund managers have been added to the platform. Some of the most recent additions include the launch of 40 funds from Scottish Widows Investment Partnership.

Ignacio Izquierdo, Marketing Director, Abbey Wealth Management, said: "A Wrap by its very nature should be a whole of market proposition and that's exactly what we are committed to providing. It's one of Wraps' key advantages over fund supermarkets.

"We base our platform on the belief that we don't think it's good enough to settle for a fund that's 'close' to the one you actually want. A true Wrap should enable intermediaries to select precisely the right fund for their clients' circumstances; and hold clients' entire portfolios including property, gilts and life bonds in one place."

James Hay and Abbey will continue to expand their Investment Centre - their discounted fund supermarket range for Wrap and SIPP business. This, coupled with the recent link with Allfunds Bank, will see even more on- and off shore funds coming online throughout the rest of this year. Funds that have yet to be added to the Investment Centre can be purchased, held and managed via the platform directly with fund managers, so that IFAs can see the entirety of their clients' portfolios on the Wrap platform.

Abbey has committed to ambitious plans to grow its share of the UK investment market. A major element of this is seeing it focus on radically enhancing its Wrap proposition for IFAs. Together, the James Hay SIPP and Wrap businesses have over £11 billion under administration.

Notes to editors:

For media use only. Not to be circulated to consumers.

The five new fund managers joining the Platform since January are: Cazenove Multi-Manager; F&C; Franklin Templeton; Martin Currie and Neptune. In addition, James Hay has increased the number of funds offered for existing Fund Management Groups.

1. 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.
2. Abbey and the flame logo are registered trademarks 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.
3. 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 authorisation 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.

Abbey and Santander

Abbey is a wholly owned subsidiary of Banco Santander Central Hispano, S.A. ("Santander") (SAN.MC, STD.N). Santander is the largest bank in the euro zone and fourth largest in Europe by market capitalisation. Founded in 1857, Santander has 66 million customers, over 10,000 offices and a presence in over 40 countries. It is the largest financial group in Spain and Latin America, and has significant market positions elsewhere in Europe, including the United Kingdom (through Abbey) and Portugal, where it is the third largest bank. Through Santander Consumer Finance, it also operates a leading consumer finance franchise in Germany, Italy, Spain and nine other European countries. In 2005, Santander recorded EUR 6.22 billion in net profit, up 72.5% from the previous year. For more information on Santander, visit www.gruposantander.com.