GBST Holdings, a provider of securities transaction and wealth management platforms, Xchanging, a business technology and services provider, have partnered to build a business platform for the wealth management and capital market players.

The alliance will align GBST’s Syn Capital Markets platform, a multi-entity, rules and workflow driven solution, and GBST Composer, a client-centric administration application for the wealth management industry, with Xchanging’s BPO scalable processing capability, enabling wealth management activities over the platform.

The partnership is expected to strengthen the Xchanging’s ability to deliver solutions in the wealth management space across the wealth management and capital markets spectrum, including advisory services, digital platforms, mid-office capabilities in areas of trade confirmations and broker commissions, and to back-office activities such as settlement and accounting.

GBST Wealth Management CEO Robert DeDominicis said: "The industry continues to evolve and this creates the opportunity for innovation and the ‘better together’ approach."

"Our reputation for delivering robust, functionally advanced software and scalability to meet business demands is a complementary match with the dominance of Xchanging as a BPO expert in the finance marketplace. Our alliance is capable of delivering significant benefits for the global wealth management sector."

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By GlobalData