James Hay went live with InfoComp’s Composer platform in 2008 with developments planned for 2009 and onwards, but now says the software does not fit with its “strategic direction”.
The news came in a stock market annoncement by GBST, InfoComp’s parent company in Australia.
Santander Private Banking marketing director Andrew Pennie says: “Having explored options in an amicable and professional way with InfoComp, we have agreed to stop the roll out.”
He says it is business as usual at James Hay and that the firm continues to be committed to IFAs and the wrap sector.
GBST wealth management chief executive officer Rob De Dominicis says: “The software implementation and development project with James ay was significant and we were pleased to achieve go live.
“We remain committed to our other UK clients and prospects alike and look forward to possible opportunities with James Hay in future.”