Saga Investment Services, the new JV from UK wealth manager Tilney Bestinvest and Saga, has chosen Pershing, a BNY Mellon company, to provide full UK wrap administration and execution capabilities.
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The company has selected Pershing to support the rising demand for retirement solutions.
Under the deal, Pershing will provide the new platform with full UK wrap administration capability, including Pershing’s execution-only SIPP and investment account and ISA wrappers.
Saga Investment Services will use Pershing’s solutions to support full online account management including opening of accounts, amending of personal data, funding investments using a debit card, trading, transferring money between accounts and accessing valuations and documentation such as contract notes and consolidated tax vouchers.
Pershing said that all the execution is done through Pershing’s Trading Services.
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By GlobalDataSaga Investment Services, which was established in November 2015, offers a range of services including financial advice, investment management, and an execution-only platform aimed at Saga’s database of 11 million aged over the age of 50.
Pershing chief relationship officer Ileana Sodani said: "Both companies have proven expertise in catering to the over-fifty market and this will help drive the growth and success of the joint venture."
"Our support of the launch and ongoing operations of the new platform reflects our commitment to deliver transparent and efficient solutions for our clients, as well as regulatory expertise, thereby reducing the administrative and regulatory burden so that clients can focus on their core business."
