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Genpact Sets Up Wealth Management Center In Scotland Post Acquisition
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The provider of end-to-end technology and administration services is expanding into the UK wrap and D2C market through its latest acquisition.
Genpact OpenWealth, part of New York-listed Genpact, is establishing a presence in Scotland following the acquisition of Citibank's UK OpenWealth platform business.
Following its acquisition, the provider of new technology platform and wealth management servicing operations will now target UK clients from a center in Glasgow, which will employ around 140 wealth management professionals. The business is already operational in North America since Genpact acquired the US OpenWealth platform business from Citibank earlier this year.
The new deal, details of which were not disclosed, establishes Genpact's presence in wrap and direct to consumer (D2C) administration in the UK.
“Our new wealth management center of excellence in Glasgow significantly enhances Genpact’s global financial services capabilities, especially for wealth management administration where we see major growth opportunities,” said Mohit Thukral, senior vice president and business leader of banking, financial services and insurance at Genpact.
“We can now provide end-to-end wealth management servicing operations to two of the largest geographic markets, combining domain expertise, scalable technology, advanced analytics, and global services delivery that will further drive innovation, efficiency, and controllership.”
Genpact said the expansion comes amid expectations of high demand for wrap products, online portals that UK financial advisors use to collect, manage and trade investments on behalf of their clients. It said this market has grown more than 20 per cent over the past decade and is set to grow at an even faster rate over the next 10 years as regulatory changes demand further transparency.
Genpact OpenWealth’s business provides wealth management administration services including proposals, portfolio construction, rebalancing and trading, tax optimisation, business and regulatory reporting, and compliance management.
