The former wealth management technology platform of Citi known as OpenWealth, which the bank sold earlier this year, has launched in the UK and aims to take market share in advised and direct channels.
Now known as Genpact OpenWealth, the platform is a subsidiary of Genpact, a business optimisation service that was spun out of General Electric in 1997.
Genpact OpenWealth provides wealth management services to a range of players including wrap platforms, wealth and asset managers.
The firm hopes that the appetite for platform products will grow over the next ten years, citing regulatory changes mandating transparency and alignment of interest between advisers and clients, as well as pension tax reforms that they say are driving retail assets from annuities to platforms.
The firm’s platform is technology-based, providing services including portfolio construction and customisation, regulatory reporting and compliance management.
“Our new wealth management centre-of-excellence in Glasgow significantly enhances Genpact's global financial services capabilities, especially for wealth management administration where we see major growth opportunities," says Mohit Thukral, senior vice president at the firm.
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