Skandia, part of Old Mutual Wealth, is to outsource its administration to global IT and outsourcing firm International Financial Data Services (IFDS) in a 20-year contract.
Skandia said the deal, due to begin in 2016, would enhance the services it provides to financial advisers and customers in the UK. It added outsourcing a number of its administration functions would improve its offering to advisers due to IFDS' superior technology. However, Skandia’s front office telephone and e-mail contact teams, with which advisers and customers interact on a daily basis, will remain in-house. Old Mutual Wealth chief executive Paul Feeney said: “This relationship represents an investment in our business that will enable us to efficiently continue to improve the ser...
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