Equiniti, a UK’s share registrar and financial services outsourcing specialist, is developing a new service that will offer a centralised pooling of custody and business processes, as well as a customer interface.
The service, Equiniti Wealth Solutions, aims to reduce the cost of processing for wealth managers and stockbrokers.
Mark Taylor, the managing director of Equiniti Investment Services, said that the wealth and broking space is facing unprecedented pressures that current back office solutions will be challenged to address.
“Equiniti Wealth Solutions provides an opportunity to outsource a number of non-core functions and allows brokers to focus on managing and advising clients which is where their value lies."
"As one of the UK’s leading registrars, with 20 million holdings, we have experience in processing significant volumes of transactions, and in terms of financial services outsourcing, we are already fulfilling this role within the retail environment and have systems and processes which deliver cost reductions whilst being waterproof from a regulatory perspective.”
“Our existing processes provide outsourced custody, settlement for stocks, funds and fixed interest securities and we are working with brokers and wealth managers to use this to develop a universal platform that capitalises on the existing technology and satisfies their unique requirements.”
The new service also provides an investor interface which uses the resources of recent purchase peterevans—an independent front and back office solutions provider which was acquired by the firm in August last year.
As custody reconciliations and circularisations will be carried out by Equiniti, the associated compliance costs, typically significant, will be reduced, promised the firm.
It added that the outsourcing offer will support brokers in managing the impact of upcoming regulatory changes, with Equiniti taking responsibility for reporting and associated processes.
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