Posted in: Wealth Management Administration
GBST Holdings (ASX: GBT) has announced that its Wealth Management division InfoComp will provide the front and back office systems for Novia Financial Plc, a new wealth management service being launched to the UK adviser market later this year.
Commenting on the appointment, Rob De Dominicis, Chief Executive of GBST’s Wealth Management division, InfoComp said:
“This is a great achievement for InfoComp and demonstrates our growing credibility in a significant and highly competitive market. Not only are we hitting our business
targets, this latest deal shows that there is increasing awareness of and commitment
to our Composer® software in the growing UK market.”
“Composer® is a fully integrated and flexible system without the limitations of other
offerings that are built around legacy product systems. We are already a market
leader in Australia and administer over $AUD 150bn on the Composer® wrap platform. Adding Novia to our growing UK client list is the next step for our ongoing
development in that market.”
Bill Vasilieff, CEO of Novia, added:
“It was a straightforward decision to work with InfoComp. They are well ahead in
terms of delivering wrap technology solutions – more importantly, they have a strong track record and successfully come up with the goods. Our two businesses see the development of the wrap market in the UK in the same light and that aligned thinking automatically helps to lead us to a common working approach.”
UK ‘wrappable’ assets are estimated to stand at some £2 trillion, with as yet only a very small percentage (estimates vary between 1% and 5%) currently wrapped.
InfoComp UK won the Abbey/James Hay mandate to re-engineer their SIPP and Wrap
platform using the Composer® software. The enhanced platform is scheduled for roll out shortly.