Long term commitment to the wrap market assured
Aviva and Citi have signed a 10 year deal for the administration of Aviva’s retail wrap platform. The agreement signals Aviva’s continued focus on providing advisers with a platform to meet the long-term investment needs of their clients, particularly those in the mid-market. This extends for a further 10 years Citi’s existing service administration contract for Aviva’s platform.
The agreement reflects both parties’ commitment to a long term partnership in providing leading savings and investment services in the UK. Aviva also confirmed this week that it had passed the £1 billion assets under management (AUM) milestone on its platform, experiencing growth of 53% in AUM since the beginning of 2012.
Citi will continue to provide administration support to Aviva’s wrap platform through its OpenWealth service. Citi’s OpenWealth wrap administration solution provides investment services to wealth managers through a highly automated, virtual environment, which is continuously accessible. Core services include account record keeping, investment trading transaction management and reporting in tax efficient structures.
Aviva’s Intermediary Director, Andy Beswick, said: “This ten year contract with Citi gives a clear indication that we are in the platform market to stay. Citi’s expertise in this market allows us to offer a flexible proposition at a competitive price, while retaining the same robust platform service from them.
“Aviva’s platform offering is designed to help advisers manage their clients’ portfolios efficiently, compliantly and profitably. Tools like model portfolios, individual and bulk switching and rebalancing - all help advisers control the cost of serving their clients.
“Our investment range is designed to meet the needs of a broad range of clients. A choice of over 2000 funds, including a range of insured funds, will appeal to cost conscious clients with straightforward financial planning needs. For those with the appetite for a more diversified portfolio, we support structured products, exchange traded funds (ETFs) and equities, as well as commercial property investment via our SIPP. We’re continuously looking to improve our platform and our agreement with Citi means we have a long-term partner with whom we can grow this part of our business.”
Citi’s EMEA Head of Securities and Fund Services Sanjiv Sawhney said: “We are delighted to extend our business with Aviva and this appointment is testament to the high quality of the wealth management services that we have been delivering. This mandate is a significant step towards our objective to establish OpenWealth as a leading player in the wrap administration market.”