Assets on GBST’s Composer platform significantly increase in 2021
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Assets on GBST’s Composer platform significantly increase in 2021 24 February 2022UK Reporter: Jenna Lomax
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Assets on GBST’s wealth management platform, Composer, increased by almost a fifth (18 per cent) to nearly £180 billion at year-end 2021.
The company attributed its favourable year-end results to the advancement of its underlying technology stack alongside the success of client implementations.
Over the last 12 months, GBST has moved Composer to the latest cloud-based technology — enabling clients to benefit from increased integration options, lower technology operating costs, and a more intuitive user experience, it adds.
In addition, GBST’s year-end results highlighted active accounts rose by 7 per cent to reach 3.4 million in the year ended December 2021.
GBST adds the continued year-on-year increase in assets also reflects the success of GBST’s UK wealth management clients and the company’s ongoing commitment to developing new functionalities and features to meet evolving industry needs.
More than 66 per cent of assets held on Composer are within pension wrappers, covering both accumulation and retirement propositions.
Alongside pensions and annuities, Composer offers a full range of individual savings accounts, general investment accounts and on- and off-shore bonds, all on a single technology platform covering direct, advised and workplace distribution channels.
In December 2021, GBST was acquired by Sydney-based Anchorage Capital Partners, a global private equity fund with financial services and systems experience.
David Simpson, head of Europe, Middle East and Africa at GBST, comments: “Throughout the last two years, we have focused on continuing to develop and modernise our technology while delivering exceptional client support to further cement our long-standing relationships.
“We are strongly positioned to drive further growth, accelerate the development of our financial services technology and digital solutions, and explore new opportunities to support existing and prospective clients.”
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