Equiniti and GBST seal partnership deal

Equiniti and GBST seal partnership deal

Equiniti has teamed up with GBST to provide third party investment operations and platform technology to clients within the life, pensions and wealth management sectors.

The two firms have provided outsourced services to joint client Retirement Advantage for a number of years, where Equiniti provides customer services, technology and change activity, while GBST provides the retirement platform for self-invested personal pensions (Sipp) and annuities.

David Simpson, head of Europe, Middle East and Africa at GBST, said: "As a specialist technology company in the wealth and life and pensions sectors, we are seeing increasing demand for outsourcing of both technology and people, with the aim of improving operating efficiency and reducing servicing costs. 

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“Through our joint client Retirement Advantage, we already have a proven relationship with Equiniti and have each developed a strong understanding and familiarity with how the other firm operates.

"We believe forming a strategic partnership is a logical next step in offering future mutual clients similar joined up services."

Enrique Sacau, head of financial services at Equiniti, said: "By partnering with GBST, which powers a number of the fastest growing propositions in the UK and offers, in our view, the best in class modern, modular retirement and investment platform available, we can offer a compelling comprehensive outsourcing proposition to this growing market."

Kusal Ariyawansa, a chartered financial planner at Manchester-based Appleton Gerrard, said the deal sounded good and could help meet the demand of firms outsourcing.

Earlier this month, Equiniti announced it has developed a service for employers to facilitate a tax-efficient salary sacrifice scheme, which allows employees to claim up to £500 towards the cost of pension advice.

In June it emerged Vitality had worked with GBST to build the technology for the creation of its VitalityInvest product range.

Vitality was the first business to use GBST’s Catalyst System.

Catalyst provides advisers with the ability to onboard and service their customers, with access to illustrations, applications, transfers, client management, engaging financial planning tools and document storage, all accessed, delivered, actioned and stored via a secure online interface.