An Australian firm has been chosen to provide the technology for a new wrap service being launched in the UK.

According to UK website ifaonline, the unnamed Australian company is building the wrap for a group of seven independent financial planning firms in the UK. The Nucleus Financial Group will be 51 per cent owned by the advisory firms with the remainder taken up by South African insurer Sanlam and its UK subsidiary Merchant Investors. Although the technology provider for the Nucleus platform has not yet been announced a number of Australian wrap firms have tried to crack the UK market. The most likely contender for the Nucleus wrap technology contract is InfoComp, which launched a UK version of its Composer platform in May this year. Infocomp said at the time it was aiming to be a leading provider of wrap software in the UK. However, the ASX-listed Praemium, which has earmarked $10 million to market its products in the UK, may also have secured the Nucleus contract. Ifaonline said the Nucleus wrap will “provide straight-through-processing, wholesale and whole-of-market investment fund pricing, portfolio management tools and advanced financial planning principles”. Neither Praemium nor InfoComp were available for comment.