The new platform, developed in partnership with FNZ, is the first delivery of Friends Provident's 'next generation solutions' programme for corporate clients and provides the foundations for the Corporate Platform to be launched later this year.
Through this new platform, employee benefit consultants and corporate IFAs will be able to help trustees optimise their investment strategy. The new service will allow trustees to adopt a wider range of funds and adjust their strategies more rapidly, utilising tools such as bespoke blended funds and automated rebalancing.
Through this new technology, trustees and administrators will also benefit from reduced costs and improved control and efficiency.
Russell Welsh, head of corporate pensions sales commented:
"We believe our corporate investment platform sets a new benchmark for investment management because of its speed and efficiency. This is a key strategic development for Friends Provident and significantly broadens the range of services that we are able to offer.
"Our long association and collaboration with FNZ shows Friends commitment to developing new solutions through innovation and technology. We think our next generation of solutions will open up new choices for employers who want to provide employee benefits.
"These will provide a truly exciting opportunity for employers to start thinking differently about how they offer benefits to their employees."
Adrian Durham, chief executive officer at FNZ said:
"We are delighted with the launch of the Friends Provident corporate investment platform. This new platform, powered by true straight through processing, represents a significant milestone in the 'next generation solutions' programme which we believe will transform the corporate savings market."
Key features of the new corporate investment platform from Friends Provident are:
- Fast dealing and settlement to minimise out of market risk – the platform will undertake the majority of buy and sell transactions on the same day
- New Funds can be added within 5 days
- A wide range of auto-rebalancing options which include the ability to incorporate cash inflows and outflows
- Provides instant access to 'touch button' Management Information which includes past valuations
- A competitively low level of minimum investment is required to operate a blended fund
- Straight through processing (using SWIFT messaging and ISO 20022 XML protocol) which eliminates re-keying of data and reduces the risk of manual error.
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