GBST, global provider of technology services to the financial services industry, today announced that it has won a major contract with a UK client.
GBST Wealth Management will licence and install its flagship platform, Composer, to an award winning provider of Self Invested Personal Pension (SIPP) products with assets under administration of more than £12 billion and in excess of 44,000 SIPP accounts. Furthermore, Composer will also support new products including the client’s first Individual Savings Account (ISA) product. The value of the contract was not disclosed due to commercial considerations.
Stephen Lake, GBST Chief Executive Officer, said: “GBST’s momentum in the UK wealth management market has continued following our contract with AEGON in July. The UK Retail Distribution Review (RDR) continues to be a significant driver of our business as our technology platforms meet the RDR requirements such as transparent charging models which separate platform and product charges and provide greater transparency on charges within financial products to consumers. With this contract, GBST is now a supplier to two of the top 10 administrators of SIPP platforms alongside award winning UK Wrap Platforms such as Novia and Macquarie Bank.
SIPPs were introduced to the UK in 1991, and designed to give people more flexibility and control over their pensions. There are more than 6.5 million people in the UK with personal or stakeholder pensions. The financial services firms supporting this market represent a strong growth opportunity for GBST and Composer.
Robert DeDominicis, CEO for GBST Wealth Management said: “We believe the combination of our client’s market leading offering combined with the features that our omposer platform can deliver will create a market offering second to none. The result is a true “client-centric” solution specifically customised to meet their requirements.”
Composer is a technology platform for the administration and investment trading solution for wraps, SIPPS, personal and group Superannuation and pension products, Unit Trust and Life Insurance products. Composer is designed as a client centric architecture providing business rule driven functionality to support legislative change, flexible administration procedures and product design. Its ability to support multiple distribution channels such as B2C, B2B, Retail, Corporate and Third Party is a core design principle within the Composer platform.