UK’s share registrar and financial services outsourcing specialist, Equiniti, is launching a new technology platform to provide a centralised pooling of custody and business processes as well as a customer interface.
The new platform, Equiniti Wealth Solution, is aimed at improving client relationships and reducing the cost of processing for wealth managers and stockbrokers.
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The new platform has been developed in response to growing regulation and the requirement for a commoditised back office, which isn’t prohibitively expensive, according to Equiniti, who are currently working with potential users and also calling on new users to design a universal platform suitable for the whole industry.
Mark Taylor, managing director, Equiniti Investment Services, said, "The wealth and broking space is facing unprecedented pressures which current back office solutions are simply not addressing. Equiniti Wealth Solution provides an opportunity to outsource a number of non-core functions and allows brokers to focus on managing clients’ assets, which is where their value lies.
"Our existing processes provide outsourced custody, settlement for stocks, funds and fixed interest securities and we are working with brokers to use this to develop a universal solution that uses the existing technology and satisfies their requirements."
The new service also provides an investor interface which utilises the resources of recent purchase peterevans. The Equiniti Wealth Solution will recognise the cost imperatives for wealth managers and retail brokers, allow retention of in-house systems for portfolio management and executing orders with the market, have a simple CREST interface, and facilitate enquiry for brokers and their clients, It will also process corporate actions and aim to provide a high level of MI and reporting.
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By GlobalDataFor brokers, the platform aims to lower costs such as compliance costs. Wealth managers and brokers will also benefit financially from economies of scale as brokers increasingly take up the outsourcing offer.
The platform also aims to improve client relationships by enabling wealth mangers and brokers to concentrate on their core business of managing and advising clients, and executing transaction and have access to custodial support, which was previously cost-prohibitive via an institutional custodian. It aims to lower regulatory burden too.
