GBST signs UK financial services group
GBST has signed a major UK retirement products provider and investment and financial services company to its fund administration and registry software GBST Composer, following a major upgrade of the system.
Currently, the product supports three of the UK's top six retirement savings platforms, including the recently signed AEGON, Just Retirement and Novia, with additional clients in Australia. Both Aegon and Just Retirement are using the latest version with dual database support in a live environment to manage their business.
GBST Wealth Management, chief executive, Robert De Dominicis, said the development of the multiple database support program was completed over the course of 14 months and demonstrated that the new offering was indicative of GBST's commitment to adapting market expectations through product enhancement and innovation.
"This demonstrates our commitment to delivering technological innovation in parallel with ongoing product enhancement and legislative change, necessary in a fast changing market," he said.
GBST, Chief Operating Officer, Patrick Salis, said the group was looking at further ways to improve Composer's scale which would open up new markets.
"The UK business remains in an early stage of growth, requiring significant investment in technology and product development to maintain its competitive position."
Salis said that the UK market in particular is the most significant for GBST in Europe, with more than £770 billion in retail mutual funds (of which £260 billion is on platforms).
"The UK wealth management market is expanding and increasingly turning to digital platforms. The wraps and platforms market alone is expected to quadruple in size by 2020," he said.
In addition to the two companies already using the latest version of GBST Composer, three other UK organisations are at varying stages of implementing the software — including Scottish-based Alliance Trust — and are expected to have completed their integration of the product by the end of this year.
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