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Principal’s platform service breaks GBP100m barrier

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Principal Investment Management and its Sanlam Fund Solutions (SFS) service have broken through the GBP100m AUM barrier with their wrap platform based models, less than 14 months since launch.

Hugh Titcomb, CEO of Principal, says: “Our wrap based models complement our traditional full service discretionary investment business. They provide an efficient and cost-effective way for IFAs to offer the benefits of discretionary management to those clients who may fall below the minimum investment levels normally required for such services. Equally, they provide an effective way to outsource investment risk and address suitability and TCF concerns both now and post-RDR.

“We have clear plans to continue building this part of our business and aim to quadruple AUM on our wrap models by the end of 2012.”

Principal’s and SFS’ model portfolio services comprise a set of clearly defined risk-graded portfolios, with models aligned to industry standard risk profilers (including Sanlam’s own Accel risk profiling tool), which match clients’ investment objectives and attitudes to risk. The portfolios comprise high quality diversified funds. 

Model portfolios are currently available on Skandia, Nucleus and Ascentric, with discussions underway with a number of other wrap providers.

Titcomb says: “This is a significant landmark, and we are proud to have reached £100m so quickly. Growth has been consistently impressive, and as we approach RDR we fully expect to see further acceleration over the coming months. We could not have done this without our IFA partners and greatly appreciate their support.”

He concludes: “We have worked hard to build the wrap offering and believe it offers IFAs an ideal solution for many clients currently outside the scope of discretionary managers. We’re very excited about the future, building on what has already been a very successful year.”
 

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