Software provider Bravura Solutions has developed the first UK independent financial adviser-owned and designed wrap.
Bravura has taken Australian wrap market technology to create a new non-institutional competitor in the UK platform space for Nucleus Financial Group.
Nucleus is a new financial services business is financially backed by seven independent financial advisory firms and South African insurer Sanlam.
"It's got off to a good start and is attracting money from the get-go. A lot of exciting things are happening in the UK," Bravura Solutions group chief executive officer and managing director Iain Dunstan said.
"It's a growth market for financial services at the moment and we're glad to be part of it. Australian companies are agile and flexible. Everybody is willing to work with them while the UK market grows."
Wraps are increasingly popular with UK advisers. Assets under administration in wraps are expected to grow to about $375 billion by 2008.
Nucleus Financial Group chief executive officer David Ferguson said: "We selected Bravura to support Nucleus' wrap platform because if their ability to provide low-cost, efficient, innovative solution and their capacity to support a wide range of life, pension and investment products."
Bravura teamed up with UK business process outsourcer Scottish Friendly to deliver the platform.
Australian Stock Exchange-listed Bravura has more than $800 billion in funds under management on its software.
