Posted in: Wealth Management Administration
Assets on GBST’s award-winning Composer® platform grew by 12% to just over £150 billion and active accounts increased by 8% to reach 3.2 million in the year ended December 2020. The increase in assets reflects the continued success of UK wealth management clients supported by GBST’s robust, scalable technology.
Assets on the platform within pension wrappers, covering both accumulation and at retirement propositions, grew by 16%, and now stand at 65% of all assets on Composer®. This compares to an average of 47% across all advised platforms1 and reflects GBST’s strength in the at-retirement market. During 2020, the technology provider significantly enhanced its annuity capability to provide greater flexibility to meet consumer demand for guaranteed retirement income solutions alongside pension freedoms access.
Over the last 12 months, GBST also commenced the final phase of its technology upgrade and digital transformation programme. This phase moves the Composer® platform to the latest cloud-based technology, allowing clients to benefit from increased integration options and lower technology operating costs alongside a more intuitive user experience. The upgrade also introduces a range of new developments, while continuing to provide access to all existing functionality. The transformation is progressing on schedule, with two major releases already successfully deployed on the new architecture.
David Simpson, Head of EMEA, GBST, comments: “Alongside our technology transformation and digital upgrade programme, we also continue to develop and implement to a roadmap that meets evolving client and market needs. We recently extended our annuity functionality and are exploring exciting opportunities around robotics and artificial intelligence which we’ll be piloting throughout 2021.”
Robert DeDominicis, CEO, GBST, adds: “2020 saw us focused on delivering exceptional client support in a challenging year, while maintaining a business-as-usual approach, and we are delighted that our clients have experienced significant growth of assets on our Composer® platform. We are committed to continuing to grow our organisation, having hired 30 people in the last six months across all our regions and renewed and expanded several key client partnerships over the last year. We believe the prospects for GBST to advance and prosper in 2021 remain strong.”
1 As at 30 September 2020. Source: the lang cat