Genpact has expanded its Genpact OpenWealth business into the UK market by completing its acquisition of UK OpenWealth platform from Citibank.
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As part of the expansion, Genpact has opened a new centre of excellence in Glasgow, Scotland, which will house about 140 wealth management professionals, serving key UK clients.
Genpact OpenWealth business offers wealth management services to wrap platforms, insurers, banks, brokers, wealth, and asset managers in the US and the UK.
The business also provides end-to-end technology and administration services including proposals, account opening, householding, transfers, portfolio construction and customization, rebalancing and trading, tax optimization, performance, business and regulatory reporting, and compliance management.
According to Genpact, the core technology platform for the UK market includes a single framework for all asset types, the ability to administer a client-centric view for all accounts and tax wrappers, and highly configurable support for multiple engagement types.
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By GlobalDataThis move will boost the company’s presence in the wealth platform market for advised and direct to consumer (D2C) administration in the UK.
Genpact senior vice president wealth management Boaz Lahovitsky said: “We are excited to fully integrate the respective strengths of Genpact and our wealth management services centre in Glasgow to allow wealth managers and financial advisors in the UK to focus on their core competencies of enhancing customer service and raising assets.”
