From New York, Genpact, a specialist in designing, transforming, and running intelligent business operations, reports the expansion of its Genpact OpenWealth business, which provides wealth management services to wrap platforms, insurers, banks, brokers, wealth, and asset managers.
Genpact has moved into the UK market, by closing its acquisition of the UK OpenWealth platform from Citibank, N.A. With this expansion, Genpact says, it adds a centre of excellence in Glasgow, Scotland with approximately 140 wealth management professionals, serving key UK clients.
Genpact acquired the US OpenWealth platform business from Citibank earlier this year, and this expansion completes the acquisition and establishes the company's presence in the wealth platform market for advised and direct to consumer (D2C) administration in the UK.
It calculates that the market for wrap platforms – online portals that aggregate, manage and trade investments on behalf of retail clients – has grown more than 20 percent annually over the past decade. The appetite for platform products is expected to continue growing at an even faster pace over the next 10 years, fuelled by regulatory changes mandating transparency and alignment of interest between advisors and clients, as well as pension tax reforms which are driving retail assets from annuities to platforms.
