International Financial Data Services is looking to offer firms a full platform solution, Money Marketing understands.
IFDS provides admin on 60 per cent of UK mutual funds and is understood to be working on a fully integrated platform proposition. It is part-owned by US investment software firm DST Systems, which bought Australian software firm BlueDoor Technologies in November 2008 for £8.2m. IFDS is looking to take over technology provision of existing platforms and power new propositions. It has recruited GBST head of UK business Ian Wilkinson as director of platform technology. IFDS holds a 24 per cent stake in Cofunds.
IFDS group executive David Moffat says: “We have had many approaches from existing and prospective platform clients and we are looking at potential solutions.”
The Lang Cat principal Mark Polson says: “Given that a platform is investment administration with some technology and reporting on top, the move would make sense. The issue is to make sure you get the scale at a time when a lot of the IFA market has already chosen a platform.”