InfoComp UK has announced that it has entered into an agreement to provide its Composer Platform software to provide additional functionality and enhanced services to James Hay, Abbey’s SIPP (Self Invested Pension Plan) and Wrap provider. James Hay is the leading provider of SIPP and Wrap services to the UK intermediary market with over £11bn (AU$27.5bn) under administration.
Earlier this summer Abbey announced a commitment to the intermediary market with ambitious plans to grow its share of the UK investment market. It aims to increase its intermediary investment sales by nearly 200% by 2008. A major element of this is a focus on its Wrap proposition. Abbey is the sixth largest UK bank and a subsidiary of Banco Santander Hispano Central SA, the largest financial group in Spain and Latin America.
Rob DeDominicis, founding partner and CEO of InfoComp commented:
"Naturally we’re delighted to have won such a prestigious account. We were confident that the Composer Platform put us in a strong position to provide Abbey with the superior functionality, scaleability and enhanced product capability.
"We believe that Abbey chose us, in part because our administration solutions have been tried and tested but also because we have the experience and the expertise to deliver the best all round functionality. Our UK team has more than 38 years combined experience in the wrap market and it is this proven expertise which sets InfoComp apart from other providers entering the UK market.
InfoComp’s Composer platform has a client centric view and has the ability to administer or aggregate multiple tax wrappers and collectives. This means that efficient administration and consolidation of client information across any number of products, providers and market segments is a practical reality.
Stefano Del Federico, UK Sales Director of Abbey Wealth Management commented:
"We have ambitious plans to grow our intermediary investment sales by nearly 200% by 2008. The heart of this will see us consolidate the significant investment and experience that we already have, to ensure that James Hay Wrap is a market leading provider for the long term. IFAs will benefit from an upgraded website from the end of October, and can look forward to a further, very significant upgrade next year, powered by InfoComp.
"InfoComp’s role will be very important - delivering the necessary support systems that we need to implement our strategy of providing ongoing and compelling propositions for IFAs; and supporting our strategy to continuously improve and enhance our platform to offer the best in the market."
Bryan Hill, Director, InfoComp UK:
"We are delighted that our Composer Platform has been chosen by Abbey as the core technology component to underpin the growth of both its market leading James Hay SIPP solution and James Hay Wrap.
"We believe the combination of James Hay’s market leading suite of products combined with the additional functionality, flexibility and product features that our established Composer platform can deliver, will create a market offering second to none, the result being a true "client-centric" solution specifically customised to meet the precise requirements of James Hay’s clients and staff."