IPAC has announced plans to outsource the bulk its back office administration to BT Portfolio Services.
BT will handle the administration and back office transaction-based processing for IPAC’s range of retail products which includes allocated pensions, superannuation and general investment products.
IPAC managing director Peeyush Gupta says IPAC has decided to keep all investor and advisers relations in-house, including its call centre. State Street will continue to provide IPAC’s custodial services.
Gupta says the move is a direct result of the rapid growth of IPAC and a decision to outsource all activities the group considers “non core”.
“To maintain our high levels of client services, we continuously review the quality of administration and customer support. Outsourcing will enable us to concentrate on our core business functions,” he says.
Gupta says staff currently working in back office administration will help manage the transition and then will either continue working alongside BT administration or be deployed elsewhere in the group.
The announcement is the latest in a long line of outsourcing deals BT has sewn up over the past two years. Other financial services groups to at least partially outsource back office administration include Deutsche Funds Management and Tower Managed Funds.
