FIS Expands Wealth Offerings in the United Kingdom with New Pension Services

Rhea-AI Summary

FIS has expanded its wealth management solutions by introducing self-invested personal pension (SIPP) servicing in the U.K.. This initiative, in partnership with Quai Digital, aims to support wealth managers by enhancing their operational capabilities. The new service leverages FIS's wealth management technology to reduce operational costs while providing tailored solutions for clients. With the U.K. market holding £1.3 trillion in assets under management, this expansion positions FIS for greater influence in the competitive wealth management sector.

Positive

• Introduction of SIPP servicing expands FIS's offerings in the U.K. wealth management market.
• Partnership with Quai Digital enhances service capabilities and operational efficiency.
• Potential to reduce operational overhead for wealth managers through FIS's technology solutions.
• Strengthens FIS's position in a lucrative market with £1.3 trillion in assets under management.

Negative

• None.

Key facts

• FIS has enhanced its wealth management solutions to include self-invested personal pension (SIPP) servicing in the U.K. with Quai Digital
• Enhancing its current infrastructure and services, Quai will utilize wealth management and service solutions from FIS to operate its savings and investment business.

LONDON--(BUSINESS WIRE)-- Financial technology leader FIS^® (NYSE: FIS) has announced it has enhanced its wealth management solutions with the addition of self-invested personal pension (SIPP) servicing in the United Kingdom. By launching retirement services in the U.K., FIS is greatly expanding its offerings to wealth managers in this market.

The new SIPP offering is made possible by partnering with Quai Digital, a leading U.K. investment and pension services provider. The partnership means that Quai will benefit from utilizing the wealth management and service solutions from FIS via Platform Securities Limited to enhance the operation of its savings and investment business.

FIS Wealth as a Service is a comprehensive solution that handles portfolio management, order management, execution, clearing, custody administration and settlement, and can be fine-tuned and tailored for an investment firm’s unique needs. Further, firms that source their wealth platform through FIS will see reduced operational overhead found in using a managed technology solution.

“The U.K. is a world leader in wealth management with £1.3 trillion in assets under management, and with the advanced offerings from FIS, we’re poised to help these firms operate more efficiently,” said John Beeston, Head of Platform Securities at FIS. “The FIS wealth platform offers a broad set of capabilities for wealth managers across the globe, and by adding such critical services like SIPP for our U.K. market, we are committed to becoming the provider of choice for wealth and retirement managers everywhere.”

“The industry of pension and retirement investing is moving faster than ever with new technology and new demands from our clients, a partnership with FIS works very well for both parties and allows Quai to enhance its already market leading infrastructure and services, which is why we sought a solution that we knew would carry us into the future,” said Tony Webb, CEO at Quai Digital. “FIS will allow us to redouble our focus on our clients while we can trust the technology can meet our needs as we continue to grow our business and support the FIS expansion into Pensions.”

About FIS

FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our employees are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS ranks #241 on the 2021 Fortune 500 and is a member of Standard & Poor’s 500® Index.

To learn more, visit www.FISglobal.com. Follow FIS on Facebook, LinkedIn and Twitter (@FISglobal).

View source version on businesswire.com: https://www.businesswire.com/news/home/20220719005043/en/

Kim Snider, +1 904.438.6278

Senior Vice President

Global Marketing and Communications

kim.snider@fisglobal.com

Source: Fidelity National Information Services

FAQ

What new service has FIS launched in the U.K.?

FIS has launched self-invested personal pension (SIPP) servicing in the U.K. to enhance its wealth management solutions.

Who is FIS partnering with for its SIPP servicing?

FIS is partnering with Quai Digital to provide its new SIPP servicing.

How does FIS's new SIPP service benefit wealth managers?

It reduces operational overhead and enhances their operational capabilities through advanced technology.

What is the size of the U.K. wealth management market?

The U.K. wealth management market holds £1.3 trillion in assets under management.