Saga Investment Services turns to Pershing for wrap

Saga Investment Services turns to Pershing for wrap

Pershing, a subsidiary of BNY Mellon, has been selected to provide UK wrap administration to Saga Investment Services (SIS).

The appointment, designed to support the increasing demand for retirement solutions, will see Pershing also provide its’ own execution-only Sipp and investment account and Isa wrappers.

Over-50s group Saga and investment house Tilney Bestinvest joined forces to launch Saga Investment Services in November 2015, with the joint venture aimed at developing a range of bespoke services and solutions and being operational in the second half of this year.

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Saga Investment Services will use Pershing’s solutions for the 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.

All execution is through Pershing’s Trading Services.

Donald Reid, chief operating officer at Tilney Bestinvest said: “Tilney Bestinvest has enjoyed a strong relationship with Pershing since 1998.

“For this project, Pershing’s input on the development of the concept, advice on regulatory requirements throughout the customer journey, and integrating systems to ensure straight-though processing was invaluable.”

Adviser View

Tony Catt, compliance officer of Sussex-based Tony Catt Limited, said: “Pershing is quite an experienced provider of those facilities and it’s probably quite good for Saga to be using that as a link.

“It is quite a decent service, and it is interesting to see Saga branching out into offering Sipps. It is quite a departure for them but it is all going to be done on a non-advised basis, which could lead to people mis-buying. Sipps shouldn’t be done on a non-advised basis.”