When a wealth manager decides to transform its business, determining the new operating model and selecting a partner to deliver is a massive project in itself. Firms need to be innovative and ambitious in the decisions they make, and to secure a great deal for their customers and employees. As the ink dries on the paper, a lot of work has already been done on both sides. However, this is just the start of much bigger project, and a much bigger test for both sides—the implementation.
At SS&C, we have helped a wide range of financial service providers including wealth managers to radically overhaul their operations and reimagine their business models. This typically involves vast data migration from multiple legacy systems to SS&C’s platform, and often a transfer of employees to SS&C. This does not happen in limbo; the client’s business obligations and priorities must continue completely uninterrupted, with all possible risks fully mitigated.
SS&C’s re-platforming of St. James’s Place (SJP)—Britain’s largest wealth manager—was recently awarded “Best Implementation” in Fund Europe’s FundTech 2020 Awards. In this project, which concluded in October 2019, SJP outsourced the administration functions of its U.K life insurance, unit trust management and investment administrations to SS&C. This project involved a series of large and complex data migration and service transition events as SJP and SS&C brought substantially all activity onto SS&C’s wealth solution, Bluedoor.
In all, one million accounts representing over £69 billion in AUM were migrated. The implementation involved eight live data migrations (plus dress rehearsals), over 40 million image migrations, and a total of 30 weekend events. During the implementation, SS&C supported high levels of business growth and significant regulatory change impacting SJP’s pension products, while maintaining full access to services and functions allowing Partners and clients to continue with their day to day investment activities with minimal disruption—and without delaying the implementation.
Over 350 employees transitioned to SS&C, with SS&C setting up new offices as part of the project. SS&C also trained and prepared business process outsourcing teams across three countries to use Bluedoor for a seamless transition and adoption.
As a result of the benefits realized from this project, in October 2020 SJP opted to extend its relationship with SS&C through to 2034. Both SS&C and SJP committed a strong management team at program and executive level to make decisions with the high level of collaboration needed to drive a program of this size forward to success. As firms consider who to partner with for large transformational projects, it is vital that they have confidence in the partner’s ability to actually deliver what they say they will, and in a mutual commitment to success. Visit our Wealth Management product page to learn more about SS&C’s solutions for wealth managers.
EMEA, Wealth Management