Andrew Back, chief commercial officer at Multrees Investor Services, an outsourced platform encompassing global custody, digital technology and investment administration, discusses the firm’s growth plans with WealthBriefing.
rapid growth over the past few years, Andrew Back told
WealthBriefing in an exclusive interview in London this
week that the firm plans to double the number of client firms it
services over the next three to five years.
He highlighted how assets under administration have already risen by over 60 per cent over the past three years, reaching £18 billion ($21 billion).
The business has also opened a third office in Glasgow this year to support the head office in Edinburgh and the business hub in London, and it has shown a 20 per cent staff growth over the past year.
Outlining how this will be achieved, he said that the firm, a provider of outsourced platform, investment administration and custody services, will bring in more technology, such as robotics, to help it scale more easily.
“We’re running a series of big programmes to extend our automation. We’re adding more propositional developments and we are very focused on the business development side. We’re maximising opportunities in that space,” he said.
Back emphasised that the firm has a unique client model, with only 24 client firms today. “The key thing that differentiates us is that we have a very high-quality client relationship team, with a maximum of three clients each. That service dynamic of a 3:1 client relationship is very important to us,” he said. “Wealth Managers servicing ultra-high net worth individuals are our core market,” he added.
Clients include Saltus, for which Multrees provides custody services.
Multrees also said that it reduces the need for multiple processes for various custodians, instead streamlining to a single instruction.
Using open architecture, the technology service automates manual processes with integrated straight-through processing, removing the need for re-keying and minimising risk, the firm continued.
Back also drew attention to their focus on ESG-related investments: “If a client firm specialises in ESG-related investments, for instance, and they want specific reporting on it, the technology we offer can shows how their investments impact from an ESG perspective relative to other portfolios.”
The executive team at Multrees, who lead the growth and strategy, includes Chris Fisher, the CEO and one of the original founders, Clive Stelfox, chief operating officer, Andrew Back, Rachel Robertson, chief risk and compliance officer and Carol Lamond, chief people officer.
Back said that 2022 has also been a very busy year for the people team at Multrees. “Our diversity and inclusion staff training and “Change for the Better” initiatives have been well received across the business,” he said.
“We were also delighted to launch a new mentoring and induction programme as well as design and manage a Digital Age Leadership programme,” he continued.