View more on these topics

GBST pre-tax earnings up 40%

Platform technology provider GBST Wealth Management has increased its operating earnings before interests, taxes, depreciation and amortisation by 39 per cent to A$6.6m (£4.4m) in the second half of 2012, compared to A$4.7m during the second half of 2011.

The firm’s revenues rose 20 per cent from A$18.8m in 2011 to £22.6m in 2012.

GBST attributes some of the performance to the August signing of a long-term contract to provide administration services to Fidelity Worldwide Investment.

The figures relate to GBST Wealth Management’s operations across the UK and Europe, although the majority of business is within the UK.

In November, GBST was awarded a A$1.64m grant by the Commonwealth Government Illawarra Region Investment and Innovation Fund. The firm will use the grant to recruit 15 technology development staff.

GBST powers the Aegon, Novia and AJ Bell platforms.

A statement in the GBST accounts says: “GBST has invested heavily in the past few years to establish and develop an international business. That investment is starting to pay off in the UK with sales growing substantially. Revenue has grown to over A$22m despite the difficult economic environment in the UK.”

Finance and Technology Research Centre director Ian McKenna says: “As firms look to break with the past and launch new propositions, it is a natural progression to look at new technology. GBST is in a position to offer firms that and is taking advantage.”


Robert Sinclair: The risk of reward schemes

At the Ami we have been thinking about the practical implications for advisers of the final guidance from the FSA on the risks to customers from financial incentives. Whilst the work this document was based on and its original reasoning was centred around larger firms selling their own products, it still has a big impact […]


Cameron calls for faster RBS return to private sector

Prime minister David Cameron has put pressure on the Royal Bank of Scotland to “accelerate” reforms needed to return it to the private sector. The Financial Times reports that Cameron, speaking on a three-day trip to India, said the Government will examine all options for privatising RBS. He said: “The first job is to turn […]


Unregulated advisers jailed for £145k gift aid fraud

Two unregulated financial advisers who fraudulently tried to claim almost £145,000 in gift aid have each been jailed for two years. Raymond Agbo and Akua Owusu, who ran unregulated financial services firm Mondvi & Co, claimed fictitious UK taxpayers had donated to the Church of Grace Ministries UK.  The pair processed a gift aid repayment […]


Close Brothers launches with-profits endowment loan product

Close Brothers has launched a product which allows savers who have with-profits endowments to take out a loan of up to £40,000 rather than cashing in their policy early. The Close Brothers Endowment Loan is being marketed to advisers as an alternative to surrendering or selling a with-profits endowment policy. Close Brothers will pay a […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm