Navigator signs 20 year back-office deal
Back-officeprovider PremiumChoice Portfolio Services has re-negotiated its existing contract with platform providerNavigator, due to expire in 2007, with the two groups signing a new 20 year contract.
The agreement, however, is subject to Navigator meeting certain performance and service standards, according to PremiumChoice chief executive Richard Carter.
Carter says his company was happy to sign a long agreement with Navigator as he believes the platform will be supported over the period of their contract.
“A lot of smaller platform providers won’t be able to afford the technology spend as pressure mounts on fees,” he says.
“With Navigator providing the underlying platform administration, we have the added advantage that PremiumChoice will benefit from product and service enhancements as they are released to the market.”
Launched in June 2002, the company provides back-office solutions for participating dealer groups, which are given the option of equity participation in the company.
The platform has grown steadily since inception, with its funds under administration exceeding $250 million.
PremiumChoice will look to expand its client base in 2004 and is seeking to attract another 12 dealer groups to add to the 14 currently using the platform.
Navigator has offered its BDM team to help with the expansion on a “when needed basis”.
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