Vertex Financial Services today announced it has extended its outsourcing contract with Gartmore, creating a new Vertex subsidiary, Jessop Fund Managers Limited.
The new company will provide Gartmore with a service allowing them to hand over to Jessop Fund Managers Ltd the administration and regulation responsibilities of their personal pensions unit trust range (PPUT). Gartmore will retain the management of the investor monies within their funds, and the underlying clients are unaffected by these changes. This marks a new service proposition for Vertex Financial Services.
David Child, managing director, Vertex Life, Pensions & Distribution, comments:
"This contract is particularly significant as it marks the delivery of a completely new type of service for Vertex. We are confident that this will provide a valuable area of potential growth for our expanding life and pensions business. As evidence of this belief, I am pleased to report that we are already in discussion with a number of other organisations regarding similar opportunities."
Les Aitkenhead, Gartmore chief operating officer, comments:
"We have worked with Vertex Administration for over 15 years in their role as the provider of our investor communications service for the Gartmore PPUT. Based on the solid working relationship and mutual success on this product, we invited Vertex to consider taking on the regulatory and compliance responsibilities of the PPUT range. After much hard work from both teams this ultimately led to the launch of Jessop Fund Managers Limited."
Completion of the new fund management company formation required the signing of service supply contracts with HSBC Trustees, HSBC Security Services, Sinclair Henderson and PricewaterhouseCoopers to support the delivery requirements of the project.