Britain’s top wealth manager transitions from a mainframe-based system to an integrated registry platform..
With the help of SS&C Technologies, the London-based St. James’s Place Wealth Management (SJP) has migrated its £69.1 billion ($86.3 billion) in customer accounts from a legacy mainframe application to SS&C’s Bluedoor and Percana Insurance solutions in an effort to give end-user clients a single view across pensions and savings products, officials say.
SS&C made the announcement at the annual SS&C Deliver 2019 client conference underway at the Orlando Gaylord Palms resort from Sept. 17 to 19. Approximately 1,300 SS&C clients are attending the event.
The new implementation is an effort to provide straight through processing (STP) for accounts and more efficient end-to-end processing, according to SS&C officials.
The firm, generally regarded as Britain’s largest wealth manager, has moved away from the Salas mainframe application, according to SS&C officials.
In fact, SS&C has been the outsourced provider since 2002 for “SJP’s administration functions of its U.K. life insurance, unit trust management, pensions and investment administration business lines,” according to a statement from SS&C. “Bluedoor has been implemented as an operationally ready business process outsourcing solution for SJP, which now administers over £100 billion [$125 billion] of funds under management on the platform.”
For the migration effort, SS&C officials report that they “integrated Bluedoor with SJP and its service providers to deliver an end-to-end solution.”
SS&C staff also trained business process outsourcing teams, based in three countries, in Bluedoor to facilitate the transition and adoption of the new system, officials say.
SS&C describes Bluedoor as “one integrated registry system … a single customer-centric view across multiple savings, investment, and retirement products,” according to an online product description. The offering is “integrated with intelligent business process management functionality and digital applications.”
SJP is “a FTSE-100 wealth management business that puts long-term relationships and advice that clients trust at the heart of everything we do,” according to the firm’s website. “Since we were founded in 1992, we’ve grown rapidly to be the largest company in our sector in the U.K., with over £109.3bn [$129.9 billion] of client funds under management.”
“Our priority is to deliver a high level of service to our clients while improving our capabilities, and SS&C has been a true partner in enabling us on that journey,” says Ian MacKenzie, chief operations and technology officer at SJP, in a prepared statement.
In a statement, Bill Stone, chairman and CEO of SS&C, expressed pride in the work that the vendor has done over the past two years for SJP. “Some say migrations of this scale cannot be done, but with careful planning and airtight execution, we were able to hit every milestone on time, and most importantly, with minimal disruption to SJP clients,” Stone says.