Royal London-owned wrap Ascentric has signed a deal to outsource its back office technology to software provider Bravura Solutions.
The deal sees Bravura provide back office technology across the Ascentric platform and its white-label offering, Independent Funds Direct Limited.
Ascentric managing director Hugo Thorman said in November the firm was looking at outsourcing its back office technology.
The two firms will now enter a planning and implementation phase for around three months while commercial agreements are finalised.
Ascentric and IFDL managing director Hugo Thorman says: “This move stemmed from a belief that the back office is becoming an increasingly commoditised function where scalability, flexibility and low operational costs driven through new technology are increasingly important.
“The due diligence we have conducted over the last few months has, if anything, reinforced our thinking on this.”
Bravura chief executive Tony Klim says: “Technology plays an increasingly important role in driving the operational efficiencies that will be critical for success in the UK platform market.”
Ascentric’s new front office technology offering, which has been developed in-house, is set to be rolled out over the next 12 to 18 months.