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Capita fills service gap with Webline takeover

Outsourcing giant Capita has bought adviser portal Webline and expects to launch a complete straight-through processing service for IFAs by the middle of the year.

The move, revealed by Money Marketing in December, comes quickly after Cap- ita’s acquisition of back-office software provider Quay in November and a 300m deal to act as an outsourcing partner to Zurich.

Capita managing director Steve Parkinson says the deal fills the remaining service holes in the company’s proposition which includes Sipp, unit trust, Oeic and investment trust administration, life and pension outsourcing and administration as well offshore bond capabilities.

Parkinson says the adviser service, which has not yet been named, will be marketed at big firms and networks, with discussions already under- way with several firms, including Thinc Destini.

Capita will also be looking to broker further provider outsourcing deals and Parkinson has not ruled out further acquisitions. He also says that Quay and Webline will con- tinue to service existing users.

Financial Technology Research Centre director Ian McKenna says: “This gives the providers what they wanted, with two portals now owned by large firms with financial clout. It makes for healthy competition and I expect more acquisitions this year.”

Parkinson says: “This is about pulling together all the financial services projects that we have been working on to provide a complete service for advisers straight to their desk-top. No one is currently doing this in the market although it may provoke competitors into upping their game.”

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