Skandia, part of Old Mutual, is set to outsource its administration to IT and outsourcing firm International Financial Data Services (IFDS) under a 20-year contract.
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The contract will see a number of administration functions outsourced to IFDS and will enable Skandia to enhance its service and product offering for financial advisors by using IFDS’ new processing services and technology.
The integration of IFDS administration, process and technology is due to start in 2016. Skandia will continue to develop its existing platform and services in the interim. The front office, with which financial advisors and customers interact, will remain with Skandia.
Paul Feeney, CEO of Old Mutual Wealth, said: "This agreement will enable us to continuously improve the service we offer to financial advisors and their clients, introduce new products as well as meet our financial objectives.
"The IFDS technology will ensure that we can respond to advisor and customer needs faster than we can today and will result in new functionality and greater flexibility to be delivered to advisors via the UK platform."
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