Financial technology firm FIS is expanding its offerings to wealth managers by launching retirement services on the UK market.

FIS has enhanced its wealth management solutions to include self-invested personal pension servicing in the UK with Quai Digital, a UK investment and pension services provider.

As a result of the partnership, Quai Digital will benefit from using the wealth management and service solutions of FIS via Platform Securities Limited to enhance the operation of its savings and investment business, the firm said in a statement this week.

FIS Wealth is a service as a solution which handles portfolio management, order management, execution, clearing, custody administration and settlement, and it can be fine-tuned and tailored for an investment firm’s needs, the firm explained.

Firms that source their wealth platform through FIS will see reduced operational overheads found in using a managed technology solution, FIS added.

“The UK is a world leader in wealth management with £1.3 trillion ($1.56 trillion) in assets under management and, with the advanced offerings from FIS, we’re poised to help these firms operate more efficiently,” said John Beeston, head of Platform Securities at FIS. 

“The FIS wealth platform offers a broad set of capabilities for wealth managers across the globe and, by adding such critical services like SIPP for our UK market, we are committed to becoming the provider of choice for wealth and retirement managers everywhere,” he added.

“The industry of pension and retirement investing is moving faster than ever with new technology and new demands from our clients, a partnership with FIS works very well for both parties and allows Quai to enhance its already market leading infrastructure and services, which is why we sought a solution that we knew would carry us into the future,” Tony Webb, CEO at Quai Digital, said. 

“FIS will allow us to redouble our focus on our clients while we can trust the technology can meet our needs as we continue to grow our business and support the FIS expansion into Pensions,” he added.

Based in Jacksonville, Florida, FIS is a provider of technology solutions for merchants, banks and capital markets firms globally, helping its clients to use technology in innovative ways to solve business-critical challenges.