Skandia and International Financial Data Services (IFDS), a global IT and outsourced administration services supplier, have partnered to enhance services provided to financial advisers.
The twenty-year contract will see a number of administration functions outsourced to IFDS and will enable Skandia to continue to enhance its proposition for financial advisers by utilising IFDS's new processing services and technology.
Skandia's front office telephone and e-mail contact teams that advisers and customers interact with on a daily basis will remain in house and Skandia plans to invest in new technology to improve efficiency.
The integration of IFDS administration, processing and technology is due to start during 2016. Skandia's current development schedule remains unaffected.
"This relationship represents an investment in our business that will enable us to efficiently continue to improve the service and products we offer to financial advisers and their clients," said Paul Feeney, chief executive of Old Mutual Wealth. "
We will be able to respond to adviser and customer needs faster than we can today and deliver additional functionality and greater flexibility to advisers via the UK platform."
