announced that it has won a major contract with a UK client.
GBST Wealth Management will licence and install its flagship platform, Composer, to an
award winning provider of Self Invested Personal Pension (SIPP) products with assets under
administration of more than Â£12 billion and in excess of 44,000 SIPP accounts. Furthermore,
Composer will also support new products including the clientâs first Individual Savings
Account (ISA) product. The value of the contract was not disclosed due to commercial
Stephen Lake, GBST Chief Executive Officer, said: âGBSTâs momentum in the UK wealth
management market has continued following our contract with AEGON in July. The UK Retail
Distribution Review (RDR) continues to be a significant driver of our business as our
technology platforms meet the RDR requirements such as transparent charging models which
separate platform and product charges and provide greater transparency on charges within
financial products to consumers. With this contract, GBST is now a supplier to two of the top
10 administrators of SIPP platforms alongside award winning UK Wrap Platforms such as
Novia and Macquarie Bank.
SIPPs were introduced to the UK in 1991, and designed to give people more flexibility and
control over their pensions. There are more than 6.5 million people in the UK with personal or
stakeholder pensions. The financial services firms supporting this market represent a strong
growth opportunity for GBST and Composer.
Robert DeDominicis, CEO for GBST Wealth Management said: âWe believe the combination
of our clientâs market leading offering combined with the features that our Composer platform
can deliver will create a market offering second to none. The result is a true "client-centric"
solution specifically customised to meet their requirements.â
Composer is a technology platform for the administration and investment trading solution for
wraps, SIPPS, personal and group Superannuation and pension products, Unit Trust and Life
Insurance products. Composer is designed as a client centric architecture providing business
rule driven functionality to support legislative change, flexible administration procedures and
product design. Its ability to support multiple distribution channels such as B2C, B2B, Retail,
Corporate and Third Party is a core design principle within the Composer platform.