Morgan Stanley has appointed financial outsourcer and software solutions company Target Group to provide administration services for one of its UK retail structured investment products portfolios.
Target is now providing administration services for all aspects of the investment portfolio following an efficient transfer period. The new contract involves Target taking control of account administration and customer servicing as well as handling redemptions on maturity and processing early surrenders.
The contract will see the administration of Morgan Stanley's structured products from Target's modern servicing operation in Newport, South Wales.
Target specialises in business process outsourcing (BPO) for banks, financial services providers, loans, savings and investment portfolio owners. This contract will support Target's strategic direction to add savings and investment product administration outsourcing and software solutions to its offering. Morgan Stanley joins Target's established list of blue-chip clients which include at least 25% of the world's top 20 banks.
Commenting on this new contract win, James Snow, CEO of Target Group said: "Target has demonstrated its ability to manage a significant investment portfolio for Morgan Stanley. We now service loans, savings and investments products - with specialist teams, all on our single core technology platform."