GBST (ASX:GBT), a global provider of technology services to the financial services industry, has strengthened its sales drive across Asia Pacific with the appointment of Nick Frolich to its wealth management business.
GBST Wealth Management provides technology solutions to platforms, fund managers and boutique service providers. Based in GBST’s Sydney office, Mr Frolich will be responsible for driving sales and new business across the Australian, New Zealand and Asian wealth markets with particular focus on the GBST Composer® platform.
Composer® offers a single fully integrated system to administer managed funds, structured products and retirement products. It currently administers hundreds of products which represents hundreds of billions of dollars under administration.
Mr Frolich joins GBST from DST International (DSTi) where he was director in charge of sales and marketing for the past 10 years and successfully established the firm’s retail and wrap offering from the ground up. With 25 years’ experience in financial services, Mr Frolich has also held senior positions at Macquarie Bank.
“Nick’s appointment underpins our strategy to drive growth and market share by leveraging the multimillion dollar investment we’ve made in developing our Composer® technology.
“As regulatory changes and challenging investment markets add to cost pressures in the wealth management industry, flexible technology solutions will be essential for the future growth of wealth managers. GBST Composer® platform is ideally placed to help the industry in the current climate,” said Robert DeDominicis, head of GBST’s global wealth management division.
GBST’s market-leading technology has remained compliant with regulatory changes in the Australian financial services industry since 2000.
“I believe GBST is in a strong position having combined broking and wealth management solutions and expertise. The convergence of these markets is gaining momentum driven by legislative changes such as FoFA and investor demand for direct equities exposure. There is plenty of opportunity out there to be captured and I’m excited to be joining the business at this critical time for the industry,” said Mr Frolich.
In a recent market update, GBST reported a number of new clients and licenses in the pipeline for its wealth management business across Asia and Australia.
“We are committed to servicing the wealth management industry through continued development of our software platforms and I am confident Nick’s knowledge and solutions-based approach will keep this strong momentum going,” concluded Mr DeDominicis.