GBST, provider of wealth administration software, has seen UK assets on its Composer® platform rise by 47% to £70.8bn and active accounts increase by 57% in the last 12 months to now total 1.3 million.
The increase in assets has been largely fuelled by the continued expansion and growth of GBST’s UK clients as well as the migration of books of business.
Furthermore, GBST reports that 66% of all UK assets on the platform now sit within pension wrappers covering both accumulation and at retirement propositions. Pensions are the dominant savings vehicle on UK advised platforms, with data from the lang cat indicating that 46% of the market’s assets is held in pension wrappers as at 30 September 2017. GBST’s high market share reflects its particular success within the UK life and pensions sector in recent years as Composer®’s functionality can be easily tailored to deliver innovative pension freedom retirement solutions.
David Simpson, Head of EMEA at GBST commented: “The growth in UK assets on our Composer® platform over the last year illustrates the strength and scalability of our proposition. The flexibility of Composer® offers both new and existing partners the speed and agility to innovate and grow their business while our continued investment in the platform ensures clients can keep pace with regulatory and technological change. At the same time the professional support and subject matter expertise offered by GBST’s platform consultants aids the success of new projects, migrations and ongoing business.
“The outlook for 2018 is equally positive, with the onboarding of new clients and the planned transfer of additional books of business. We continue to invest in our technology and have exciting developments in the pipeline including enhanced digital functionality and improvements to our core back office administration to increase Composer®’s straight-through-processing capability. We are well placed to continue to grow our market share and support existing and new partnerships based on our excellent delivery record and pension expertise."
Contributed | what does this mean?